I started constructing a rental property in 2024. Have taken a construction loan and paying interest into 2024. I may have also have additional draws in 2025. The construction continues into 2025 and the property will be placed in service in 2025. Do I have to specify anything on my Federal 2024 tax return about this property which is under construction? Or should I have to start reporting it (basis, income, expenses, etc.) starting in 2025? If I only start reporting in 2025, how do I report the interest payments made in 2024 and also the interest payments made in 2025, BEFORE the property was placed in service?
