I recently bought 2 single family homes and put in renters for a long term hold. I have no money into it and no profits to show yet. When I decide to sell someday, I will have a profit to deal with at that point. My question is, on this year’s taxes can I use my deductions (mortgage interest, property taxes, depreciation) against my personal income from my full time job or do they go to waste since I have no business income to use them against? Any clarification would be very helpful. Thanks.
-T