It was advertised as a rental after it was purchased (and there were tenets that moved out at time of purchase so it was habitable). Therefore is was available to be rented at that time, but I was unable to rent it at the desired rental rate (hence the decision to renovate).
From your answer I take that it should be moved to the commercial schedule and depreciation would start after the renovation is complete and it is in service. Correct?
Since the work was not complete in 2020, no expenses or depreciation should be claimed from the time renovations started till they are completed, Correct?
