For a schedule C business, or a schedule E rental, you can list ordinary and necessary business expenses. " An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary."
Ordinary and necessary rental expenses might be insurance, maintaining the lawn, performing routine maintenance and property repairs, property taxes, utilities (if you pay them and not the tenant) and so on. Ordinary and necessary expenses can certainly negate most or even all of the income, so your rental doesn't show a taxable profit. If your expenses are more than your income, they may be deductible against other income, depending on the circumstances.
But this does not mean all your "deductions" are listed on the LLC. Only the ordinary and necessary expenses of the business or rental. Other personal deductions, like the mortgage interest on your home, property taxes, and gifts to charity, are listed on your personal tax return on schedule A like usual.
If you have a property that is partly rented (such as, you rent a room of your house, or you own a duplex), then a portion of the mortgage interest and property taxes are a rental expense on schedule E or C (usually based on square footage), and the portion that is allocated to the personal use portion of the property is still a schedule A deduction.
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