I purchased my 2nd home on Dec 14, 2016. I paid 18 days of taxes, home insurance, closing costs, other costs such as home inspections. What can I deduct for 2016 taxes?

[RajeevLimaye]

I purchased second (2nd) home on Dec 14. I may rent it in 2017 but I have used it as my 2nd home for 18 days (Dec 14 to Dec 31, 2016). The Master closing statement has stated the prorated real estate taxes as well as the mortgage insurance I paid for these 18 days.

Can I take deductions for these amounts? I have also paid for other closing costs such as inspections, loan origination fee and title insurance etc. Any of these costs are deductible?

Since I did not have rental income on 2016, I could not add this as a rental property and carry over the loss to 2017.

[Critter]

All you can deduct in 2016 is the mortgage interest & RE taxes while it is still considered a second home.  The rest of the costs are added to the basis of the home for depreciation purposes later when you do make it a rental property.  You do NOT report anything on a Sch E until the unit is placed in service.