However, if you did not "materially participate" in the rental business your losses might be limited by the (very complicated) passive activity loss rules. In that case the losses are "suspended" until there are other passive gains or you dispose of your interest in a fully taxable transaction. Then they are "allowed."
For more information see https://www.irs.gov/forms-pubs/about-publication-925 and in particular https://www.irs.gov/publications/p925#en_US_2020_publink1000104568
Be sure to answer TT's questions about material participation carefully and understand what the terms mean.
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