Regarding rental properties, am I missing any crtitical tax savings deduction. When I was on the site there was a comment to take an expense instead of an asset. Then when I went back the questions regarding expense do not pertain to the rental proper

[JohnB5677]

First, are you depreciating the property?  This will provide an initial tax deduction, and it is required when you go to sell the property.  

The issue of Expense vs. Asset.  The IRS has provided new guidance regarding things you may purchase in the course of managing a rental property.  For instance, if you purchase a stove for $600 it would have to be posted as an asset and depreciated over 5 years.  That would give you a depreciation expense of $120 a year for 5 years.  You now can expense the full $600 in the current year.