I put about $20,000 into my primary residence which was a condo for the purpose of renting the property. The renovations were completed in 2024 and I signed a contract with a property management company. The property was listed but has still not been rented. So, all of the deductions are from 2024 but I have no income from the property. Assuming I entered all of the information correctly into my TurboTax, it told me that my tax deduction was only going to be $150 but then it talked about depreciation and I didn't understand the business questions. Can you explain what deductions I am entitled to and why it only gave me $150?
