No Income for 2014 on First Rental Property
I have a property that I purchased in Dec of 2014 that I bought with the intention of renting out. This is my first property I brought with the intention of renting out. The property needed a lot of work and it won't be complete until Mid May 2015 time frame (so I expect a loss for this year as well). My question is for the 2014 tax year, can I file a Schedule E to report my losses/expenses? Or does the property have to be "put into service" before I can claim my losses. the expenses that I have accumulated for the 1 month in 2014 are property taxes, insurance, utilities and a few repairs/upgrades.