I had been renting my property for three years. My tenant died at the end of 2023. We have spent all of 2024 getting rid of his belongings and doing repairs thus no rent. From my research of other posts, it appears I can capitalize all the utilities and expenses spent for the upkeep of the property this year, correct? The property also has a mortgage and I'm trying to figure out how to deduct the interest, taxes and insurance on the property. Should I add those to the total amount of improvements like the utilities? In 2025 we will probably sell it, but renting it is a possibility. Although we did mention it being available for rent to a few close acquaintances we never publicly put it up for rent while we were working on it so I understand it is no longer rental property?
