It is not common for residential rental real estate to show a profit. When you add up the deductible expenses of mortgage interest, property insurance, property taxes, and the depreciation you're required to take by law, those four items alone will usually exceed the total rent collected for the year. Add to that the other allowed rental expenses (maint, repairs, utilities, etc.) and you're practically guaranteed to show a loss every single year.
If you meet the criteria (and you probably do) then up to a maximum of $25K of those passive losses can be taken against other "ordinary" income. Otherwise, unallowed losses are just carried over to the next year. Typically, you can't realize your carry over losses until the tax year you sell the property.
One issue with renting out part of your residence, is that the depreciation taken in that first year will usually be wrong. You can confirm it by using the MACRS worksheet on page 37 of IRS Publication 946 at https://www.irs.gov/pub/irs-pdf/p946.pdf The table that applies for line 6 of the worksheet is table A-6 on page 72. Fixing the error so you can still e-file is easy. Let me know if you have this issue, and I'll show you how to fix it so you can still e-file.
