Purchase a 10 year leasehold for Short term rental, can the purchase price deducted?

[gusthepomelo]

So I bought a condo as a 10 years leasehold which is then being used for Airbnb.

I am still paying the HOA, property tax, and a relatively small monthly rental payment. 

My question is that can I deduct the leasehold purchase price from rental income?

Unlike you actually own the property, you can sell it later but when 10 years leasehold end there will be nothing left. Which to me is my cost of running my Airbnb. So would love to deduct it from my tax 

[RobertB4444 · Accepted solution]

No, but you can depreciate the cost of the leasehold over the life of the contract.  So you will be able to deduct one tenth of the cost of your leasehold every year for ten years.  In addition you will be able to deduct those HOA fees and the small rental fee as well as any direct expenses that you have.

@gusthepomelo