Client buys a Condo in 2020 for an investment and to rent out.  Makes repairs and improvements. Has expenses related to it.  However never rents it out in 2020...no income.  He decided to sell in Jan. 2021!

Since his intention was to rent it, can the asset be set up and can any tax deductions be taken for 2020?

Thank you,

Kathy Fandel