"put it into service"

[Melanie Baldridge]

When thinking about depreciation it's not about when you buy the property, it is when you "put it into service."

When you buy determines your short/long term capital gains.

The "in-service" date = The point in time when you can start taking depreciation from.

[Michael Plaks]

Quote from @Jaron Walling:

@Melanie Baldridge I'm holding a vacant property. Would that translate to a "signed lease agreement" and exchange of keys? Is that when depreciation starts? 

We've never had a property vacant for >30 days. We remodeled a property and it's currently listed for sale. If it doesn't sell it's getting rented out, but that's going to take another month if not longer. Curious how this affects our taxes. We bought it in mid July. 

There could be nuances, so it's best to discuss it one-on-one with a competent tax advisor. There are many of us here on the forum.

But generally speaking, you cannot claim any deductions until the property is placed in service. For a rental property it means that it is ready for move-in and is advertised for rent. 

Since it's currently offered for sale, it is not in-service. And if it is for sale, there is no point in trying to deduct things anyway. But, returning to my first sentence, there could be nuances leading to a different conclusion.