Can I deduct startup expenses for a rental property (furnishings, appliances, mortgage interest) in 2021 if I received $0 in income for the year? Renter started in 2022.
Can I deduct startup expenses for a rental property (furnishings, appliances, mortgage interest) in 2021 if I received $0 in income for the year? Renter started in 2022.
No, this is not a business. You can't take start-up expenses. You can take mortgage interest and property taxes as your second personal home.
It is not a rental property until you place it in service and have it available to rent. You will depreciate your appliances and building from that time.