Special 25k Deduction for Non-Real Estate Professionals

[Nick Boring]

Hello BP!

A business partner and I are saving up for our first investment property. We want to calculate the true ROI for the deal. My question is this:

Can we both claim the 25k tax deduction from our rental property? Here are the details...

NOI 48K

Mortgage Payment: 3.5K x 12 = 42K

Loan Interest = ~30k

Rental Expenses = 11k

Depreciation = 32.7k

Given a cash flow a 6k a year and then minus (30k + 11k + 32.7k)... it looks to me like I would be almost 67.7k in the red the first year from a tax perspective. My question is, can my partner and I both claim 25k of this? We both make <100k a year, we are also planning on managing this fourplex ourselves. While the numbers are just a quick example I pulled from a fourplex I found for sale does this idea make sense?

Thank you for your time!