Investment property under renovation. I would agree with TaxGuyBill. But the issue will be what would you write for 'Days rented at fair rental value' and the 'Days of personal use' ? Even if there is no income for the year and you put '365 days on rent' then you will be able to deduct all expenses except the capital improvement which can only be taken at the sale of the property. IRS may ask for the proof of availability for rent.