Can I deduct the cost of my new house if I use it as a rental property?

When it comes to a new house, some associated costs are deductible, though not in the same way as many other expenses. It's important to note that these costs are typically only deductible if the property is used for rental or business income. 

If you've purchased an item for your business with a useful life of over one year (such as a house or appliances), you'll need to depreciate the cost of your home over its useful life. This means you'll deduct a portion of the purchase costs each year, as the IRS requires you to recover these costs over time through depreciation.