Can we start depreciation on the date rental property purchases

[hgtc]

Taxpayer purchased rental property late Oct 2021.  They did some improvement and had cleaning/utilities expenses.  They found tenant and start renting on 1/15/2022.

For 2021, can we report $0 rent, depreciation, and rental expenses on Sch E?

Or, no Sch E in 2021?

Thanks.

[TaxGuyBill]

It starts when it was held out for rent and ready-and-available to be rented.

[sjrcpa · Accepted solution]

When was it ready and available for rent (placed in service)? That's when depreciation starts.

Improvements get capitalized. Then depreciated.