I purchased a three rental houses in July 2022 and all of them needed extensive renovation before renting.
I was able to rent two of them in mid 2023 and still working on the third house and expect to rent it in 2024.
These were strictly bought and use for rental purposes only.
How do I deduct for expenses such as taxes, insurance, grass cutting while trying to complete the renovation?
My understanding is that the renovation costs should be reported the year I put the home into service as a rental. Is that correct?