not sure if there is another form or method to use in which I can "claim" the actual losses?
Just to clarify here. You don't have an "actual" loss. You can not "lose" that which you never received and paid taxes on in the first place. Period. You simply report the income actually received. That's it. With rental property, if your rental expenses exceed your income (they will) once your rental expenses get your taxable rental income to zero, that's it.
Of the excess loss you may (or may not) qualify to deduct a maximum of $25K of those excess rental losses from other ordinary income. Then, any remaining excess loss is simply carried forward to the next year.
