What you can deduct:
- General maintenance and repair costs.
- Utilities
- Insurance
- Cost of services
- Agency and property management fees.
- Mortgage interest
- Property tax
- Depreciation
It isn't necessary to deduct everything, unlike income, you don't have to report all expenses. Cost of services deduction usually causes some additional expenses for filing 1099(s) forms. Also keep in mind, for depreciation purposes you'll need to split cost of your property between the land and the building. You cannot depreciate land.
