I have commercial real estate (vacant lot) for sale that produces no income, however I pay substantial interest, taxes. How and where do I report this expense?

I have had no offers for sale or rent during 2024

posted

@bill durham since there is no income ( net or otherwise ) there is no way to account for it ( or file for it ). It acts like suspended losses in a rental property in that you account / recognize for these as adjustment to your basis when you dispose off the asset. You just have to keep good records in case of a challenge.

Does this make sense ?