Condo Rental Question -

[John Zhang]

If I have a cash flow negative rental, how do I claim the loss in my taxes?

I am currently in the midst of purchasing my first condo in Queens, NY. This is a new construction, and I signed purchase agreement back in April 2021. Due to paperwork delays with DOB, we hope to close in 1 - 2 months.  I've since had major life changes and I may not live in it anymore. The monthly cost of the condo is approx $2700. I may be able to rent it out for $2500.

Any advise / suggestions is much appreciated. Thanks in advance!