Tax implication: rental property with full-time job

[Rachan M.]

Hi all!

This is a fairly straightforward situation that I'm sure many people encounter.

I have a full-time job and am new to investing. If I were to buy a rental property that rents out for $500 less than expenses (mortgage, repairs etc) each month, will this loss lower the taxable income from my job? I think so, but would like to confirm.

Thanks so much.