Hi I purchased a house in September 2021 for the purpose of rental. I started renovation on this house right after closing and the renovation lasted about a year. In September 2022, the property is available for rent. However, my mortgage interest and insurance for 2022 is for the entire year, while my rental income is only four months, from Sep to Dec 2022. My question is should I capitalize the mortgage interest from Jan to Aug 2022? How about mortgage interest I paid in 2021? Thanks.
