Do expenses on long term rental reduce earned income

[Carlson Driver]

I have a long term rental in a duplex (one of which is already rented) that we are just putting on the market. 

We have spent say about $10K of money to rehab the property before renting it out. 

Assuming that our taxable earned income is $100K from the day-job, will the $10K spent in rehab reduce our taxable income to $90K?