Legally Lower Taxable Income?

What are some legal ways to lower my taxable income if I own a rental property that I'm losing money on and earn a decent salary

Public Comments

1. You can deduct the normal expenses associated with the rental property. Whether or not you have a positive or negative cash flow on it doesn't change what is deductible.
2. Give a bunch of money to a charity. Seriously, most tax deductions involve you spending money. Unfortunately, you never come out ahead that way. If you give $10,000 to charity, you will probably only save $1500 or $2500 in taxes. The one exception is to max out your 401k at work. Again you don't see the money, but you giving to yourself; an older version of yourself.
3. You file a Schedule E where you will put your rental income and deduct any expenses you have related to the rental. If you have a loss that is entered on your 1040 as a loss.