@Opus 17 wrote:
........there might be advantages to capitalizing the costs rather than suspending them, depending on how long the taxpayers plan to own the property and use it as a rental, and depending on other rental income and expenses.......
I agree, but would continue to be hesitant about transforming a large amount of otherwise deductible expenses (even if suspended until such time as they could be released) into what is essentially a capital asset and, thus, subject to cost recovery/recapture at the time of disposition.
If it is possible for @ilovemy5children to consult with a tax professional, I agree that would be a wise decision (not all accountants are tax professionals, obviously).
