Tax deductions for flips and rentals spanning two years

[Shaun T.]

Hi all ... I have several flips that I purchased in 2022 and will get executed in 2023.  Same with rentals where I purchased in 2021 and fixed them up and started renting them in 2022.  My questions are how do I account for expenses and tax deductions.

For example: mortgage interest, utililies and other carrying costs - can I claim them as expenses in 2022?

Thanks for your take on this. And yes, I know I will need to consult a tax professional for this.  I am just trying to get your take as people in the business.