I purchased a rental property in 2021 which needed major renovations. Those renovations are still underway, and as such the property was not rented or available for rent at any time in 2021. I'm struggling with how to report this, specifically:
1. My understanding is I will not start depreciation until the renovations are done this year, even for expenses incurred last year. Is that accurate?
2. How am I supposed to report non-renovation expenses (utility bills, interest payments) for 2021? When I indicate 0 "fair rented days" and no rental/attempted rental in 2021 to Turbotax, it tells me I do not need to report the property and deletes the form. Do I input something different, or report these expenses elsewhere?
Thank you times one million to anyone able to answer this.
