What is considered tax deductible?

[Christian Reyes]

I am looking at a property to buy and hold where the taxes are quite high. Over $9000 a year in NY. As such, everytime I run my numbers, I get negatives in cash flow due to the inability to get around the tax expense.

Heres my question:

What is generally tax deducted from a rental property in the course of operating it as a business?

Mortgage? Taxes? Water bills? Sewer bills?

In other words, if I am technically operating at a loss because I am spending most of my money on mortgage and taxes, can I deduct this expense and thus be better off in the long run?

Any and all help is greatly appreciated.