Can I offset a large tax bill by buying a new rental property?

[Justin C.]

Hi guys,

I received a large bonus spring 2014 and I'm assuming I will owe $3-5k come tax time.  I also am closing on my first property on Friday.  I'm not sure whether I will flip or pursue renting... both numbers are very attractive.  Is there anyway I could offset this tax bill through buying this property?

I tried searching BP but couldn't find anything related.  Feel free to request any additional information that could help.  

thanks in advance!

[Wayne Brooks]

No. Expenses for purchasing, repairing to get rent ready, etc. get added to your basis not deducted.  Your depreciation for the year would be about 3%, and prorated for the time you owned it during the year.