Purchase & renovation expenses for rental not placed in service until following year

[Todd Boyer]

Bought our first rental home in September 2014 and major renovations were complete in January 2015.  House was placed "in service" in February 2015.  Do we report on purchase and renovation expenses incurred in 2014 or do we accrue expenses from 2014 and 2015 and make this part of our 2015 tax return as the house was not techncailly placed in service until 2015.  Any insight would be greatly appreciated. Thanks