Carl
Level 15

Investors & landlords

The only deductions you have for 2022 are property taxes and mortgage interest. That's it. On top of that, they are a SCH A itemized deduction. The property is basically a second home for 2022. Therefore, nothing concerning this property is reported on SCH E at all for 2022.

But keep your paperwork. Especially from the closing. All of it. Your closing costs will be claimed on your 2023 tax return when you file it next year. I won't bother getting into the details, because all that stuff is over one year away at this point, and tax laws can change quite a bit in that time frame.