We recently (2020) purchased a 2nd home/property. We utilized a cash out refinance to purchase the 2nd property combined with some extra money we had. We seem to be able to input that correctly into Turbotax. Our intention is to rent the the main building's 4 apartments out and for me to utilize the separate detached garage for my business purposes in the future. For 2020 we did not attempt to rent the property as major renovations had to be completed and this renovation process will continue into 2021 for at least a few more months. So currently we were told it would classify as a second home/property. We understand where to put the mortage interest deduction etc. But where would you input some of the carrying costs like utilities/garbage/etc? Maybe we are misunderstanding what can be deducted but were told that we should be able to deduct those costs yet cant find a place to input them into TurboTax. Any help or guidance would be appreciated. And if any followup info is needed please let me know and I will reply ASAP.
