Do we really get tax benefit for rental property?

[Account Closed]

Lets assume a Scenario: A new investor who invests $150K on a first rental property. No other retal or home mortgages.

IRS: US govt already allows a "Standard Deduction" of S24,400 (Married joint filing). The other option is "to itemize expenses if it crosses $24400)

With this standard 24K deduction already in place, how will rental property gain any additional tax benefit? For us to claim rental interest, tax etc we need to itemize instead of taking standard 24K deduction. For new investors, this itemization on one rental does NOT cross 24K so it doesnt makes sense.

Which means we take standard 24K deduction and end up paying tax on the "entire monthly rental". 

Am I missing anything?

Regards,

Rakesh.