Tax Deductions on a New Property???

[Jacob D. Lange]

New Investor here, in contract on my first rental property.

If I do not have any revenue related to the property in this fiscal year, can I still take all the legal deductions?  Do I have to wait until I can show revenue before I can take deductions? 

I make less than 100K, which I believe in the threshold for filing a loss against my w2 income.  But will it be a red flag for the IRS (audit) if I declare a business loss without showing any rental income?

Feedback would be greatly appreciated.