tax implications for 2nd home that is not yet rented

[pedsmd]

In Dec 2019 we closed on a condo for rental. We are planning on renting it out in 2020. When doing my 2019 taxes this is treated as a 2nd home purchase and not a rental so we do deduct mortgage interest, taxes paid at closing correct? Since we had no tenant in 2019 we do not deduct any depreciation right?

[Larry Ragman]

Ok, I’m not a CPA, but I’ve always understood you can claim the deductions the year you put the property in service. It does not have to have been rented as long as you can demonstrate you tried to rent it. You can also claim start up costs for the real estate operated as a business.