Claiming Expenses on SMF During Tax Season

[Brett Riemensnider]

Hello everyone! Question regarding my first rental property and taxes. I purchased my first rental property (4plex) back in July that’s taken a lot of expenses; down payment, inspection, repairs, rehabs, etc. 

From my understanding since it’s a rental property I could use this against my income during tax season. However it is a homestead loan so I’m wondering if that changes anything. I haven’t personally homesteaded yet due to how disgusting the place was and all the work/money that’s needed to be put into it to get it livable. 

Can I still claim this on my taxes? 75% of it is being rented so it is very much a rental property. Any info on how to handle taxes this season would be greatly appreciated. Thanks!