Schedule E losses on property undergoing major capital improvement

[Wow67888]

Investment property has been under renovations for the entire year, no rental income being collected. Can Schedule E be filed with all itemized expenses and loss be taken for the year?

[Critter-3]

If the property was rented in 2021 and will be rented again in 2023 after the renovations have been completed Then you can continue to use the schedule E to report all the Holding expenses however the improvements/renovations must be added as an asset and depreciated over 27 1/2 years. In the TurboTax program simply say the property was rented for one day so you can keep the schedule E active.