It depends. If the property purchased was for personal use, then deductible expenses would only include real estate taxes and mortgage interest expenses paid.
If the property purchased was for business/investment use, then the property must be depreciated, all assets including improvements, should be tracked, and most expenses incurred to maintain the property would be deductible once the property is placed into service.
See below for additional resources:
Real Estate Tax and Rental Property
Am I Considered a Real Estate Professional
How do I handle capital improvements and depreciation for my rental?
IRS Publication 527 Residential Rental Property
To learn more about the different depreciation treatment options, click the links below.
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