Apart from HOA or condo fees, you may deduct other expenses from your taxes if you use the property as a rental. This includes your property tax, mortgage interest, depreciation, operating expenses, and repairs. You may write off ordinary and necessary expenses for the maintenance and management of your rental property. Ordinary expenses are common expenses, i.e. generally accepted expenses in the business. On the other hand, necessary expenses are expenses like interest, taxes, insurance, utilities, maintenance, and advertising.