What taxes to prepare for 1st rental property

[Kelli Voorhis]

So my husband and I just closed on our very first rental property. We purchased the house for 90k, are going to put in about 15k, ARV around 125, and should be able to rent out the property for around 1250-1300 a month. We will probably not be able to put a tenant in to the property until the beginning of january but I was wondering about how taxes work on a rental property. Since we bought before the year and all our rehab and costs will be counted for this years taxes, is there any tax breaks that come with a rental? I obviously will be working with a CPA on my taxes this year but was just wondering what to expect.

Thank you for the replies!