Tax savings through neg/break-even invest property?

[Noel R.]

Payed an arm and a leg in taxes this year (I know not a bad problem to have) and want to reduce the cost next year. If I purchase a property which will break even at best and possibly cost me a bit can I make up the difference in tax savings? The other assumption or gamble here is over time the property will appreciate and rents will increase to a point where I no longer am losing on the investment. Thoughts?