Yes. You would have to capitalize them. You can deduct expenses once the property is placed in service.
Placed in Service
You place
property in service in a rental activity when it is ready and available for a
specific use in that activity. Even if you aren’t using the property, it is in
service when it is ready and available for its specific use.
Example
On April 6, you purchased a house to use as
residential rental property. You made extensive repairs to the house and had it
ready for rent on July 5. You began to advertise the house for rent in July and
actually rented it beginning September 1. The house is considered placed in
service in July when it was ready and available for rent. You can begin to
depreciate the house in July.
