Hello and welcome to ASR
Congrats on your purchase.
For sample rate, people have this visualization in their head that samples are connected together to create the audio waveform, therefore the higher the sample rate the more accurate the waveform is going to be. Fortunately, that is not how things work. As per Nyquist Shannon theorem, any set of samples created with a sampling rate of 2N Hz and filtered at N Hz creates one and
only one curve. What this means practically is that since we can not hear frequencies higher than 20KHz, 44.1KHz sampling is going to be as good as it gets. To be on the safer side, you can go with 48KHz to leave some more room for the filters.
For bit depth, the higher the bits, the lower the noise floor. By the time you get to 16bits, you are already doing better than your physical environment. If you want to be extra sure, go with 24Bits.
So, in summary 44.1KHz / 16 bits is perfectly fine. Anything beyond 48KHz / 24 bits is pointless.