Condemned purchase in 2017 tax questions
I purchased a home from the city for 3k last year (nooby mistake as it was the only house on the list I didn't go look at personally) but I figured the land was worth that! house was condemned and needs a complete overhaul. I'm almost done with the tear out and some of the reconstruction has been started but my question is since it was a cash purchase and liens and taxes have been paid along with expenses such as trash containment, permits, ect... can I deduct that from my taxes. ( I currently have my primary house, 1 rental, and now this property. It was not rented at all and I'm considering flipping it once finished but that is not set in stone as it will be a completely renovated house for less than 40k so the prospect of having a completely redone rental that I can get paid off in 2.5 years is enticing) I currently use turbo tax premium since I'm limited on properties but was curious as to where/how (if possible) do I classify it in order to take advantage of any deductions I can claim on it? Thanks in advance for any responses!!!