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If I lease out a house I own, what can I deduct from my taxes?

Examples of deductions: mileage to show property, welcome basket for tenant, graphic artist to make fliers, etc. Please give me a website that might give more information. TIA!

Public Comments

1. If you use Tax Cut or Turbo Tax, it will walk you through the deductions. Basically, all of the things you mentioned, plus insurance (you MUST have commercial liability insurance), depreciation, interest on the financing, and repairs. Remember that if the work substantially improves the property, it's not a repair, it's an improvement, and you add it to your basis instead of deducting it in the year you expend it.
2. I doubt that you can deduct anything at all. The only thing I can think of is possibly any damages that your tenants cause that isn't covered by your insurance.
3. It depends how many days out of the year the house is leased. If you use it for personal use and also rental use, then you must allocate the expenses accordingly. If it is rented out the entire year, then every expense incurred can be deducted from taxes
4. interest from mortgage. thats what i think is about all. if you can deduct depreciation maybe.