business deductions against personal income?

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.


you will need to file Sch E that will capture all the things you listed. If you show a paper loss due to depreciation (or otherise) you may be able to reduce your taxes if you have a AGI under $150k for a married couple.