How to recognize 2024 renovation expenses on rental property before receiving rent in 2025

[Warrenc2011]

In October 2024, I moved out of my home and started renovations. Renovations weren't completed until December and a renter moved in on January 1st 2025 so I had no rental income in 2024. Turbotax won't recognize as a rental. How do I recognize actual 2024 expenses on Property, such as renovation expenses in my 2024 taxes? Or do I have to wait until 2025?

[AnnetteB6]

You are considered to have a rental property on the date that you advertise the property and make it available for rent.  If that date is in 2024, then you would report expenses incurred after that date on your 2024 return using Schedule E.

If your renovation costs occur prior to the date you placed the property in service as a rental, then they are added to the basis of the property so they may be depreciated.  

Also, be sure that you have not entered any personal use days for the property.  Personal use is only counted after the date it is placed in service as a rental.  

If you checked the box 'I did not rent, nor attempt to rent, this property at all in 2024', then that indicates that it was not yet in service and you will not have a rental property included on your 2024 tax return.  Be sure to uncheck that box if you did advertise and make the property available in 2024, regardless of whether there was any income.