You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, agents' commissions, and depreciation.
Do not deduct the value of your own labor or amounts paid for capital investments or capital improvements.
Renting out part of your home. If you rent out only part of your home or other property, deduct the part of the expenses that applies to the rented part.
Credit or deduction for access expenditures. You may be able to claim a tax credit for eligible expenditures paid or incurred during the tax year to provide access to your business for individuals with disabilities. (Form 8826)
You can also elect to deduct up to $10,000 of qualified costs paid or incurred in the tax year to remove architectural or transportation barriers to individuals with disabilities and the elderly.
Note: You cannot take both the credit and the deduction for the same expenditures.
For more information, see the Instructions for the Schedule E from the IRS Web site.