Can Deductions Exceed Rental Income?

[Spencer Krautkramer]

I am wondering what happens if the expenses towards a rental property exceed the amount you get in rental income, what happens that that excess dollar amount? 

I am currently house hacking (living in one unit of a duplex I just purchased). I will be sticking quite a bit of money into the property this fall that I would like to write off when doing my 2023 taxes. I am realizing that since I just bought the place, I won't have much rental income for this year - therefore, the expenses would exceed the income. Am I able to apply those expenses toward my W2 income at all?

I'm wondering if I should push some of these projects off until 2024. Any advice is welcome.