Tax Deductions for a House Hack?

[Jared Garay]

Hello,

I just purchased my first property. It is 2200 sq ft, 4 beds 3 baths with a study that I am using for an office. I am renting out 3 bedrooms from $600-$800 each. I am wondering if this qualifies for a rental property and what can I write off on my taxes? I am not sure if things are different because I live in the property? There was something in the contract about me having to live in the property for a year before I could turn it into a rental property but it didn't say that I couldn't rent out individual rooms.

My house is a new build so I am also curious how depreciation works? Can I start right away? I heard you can depreciate closing cost? Although mine was not much because I used a first time home owners loan along with a down payment assistance program. Please advise.