Can I file a schedule E for deductions and take a standard deduction on an investment property?

Question

I couldn't find an option to reply to the answer spock provided, which was great by the way. If you see this, it is an investment property, and I was wondering if I could take depreciation, in addition to the repairs, taxes, home owners insurance, etc, and still claim the standard deduction? I am a single claiming only myself on my taxes as well as being a full time student and making ~28k this year.

Answer 1

Yes, you can do that. If you have an investment property, you determine your profit/loss and file Schedule E, the net result of which will either increase or decrease your taxable income.
That's separate from personal deductions on Schedule A.

You can take as expenses any utilities you paid, interest paid on the property, insurance costs, taxes paid, maintenance costs, and depreciation on the investment property.

Answer 2

Schedule E Deductions