Depreciation is a deduction to your income that allows you to recover the cost or other basis of property over the expected life of the property. It is an allowance for wear and tear or obsolescence of the property. In reality, the value of real estate property may not decrease at it allowed. So you get benefits by using depreciation against rental income and keep the property value at the same time. Keep in mind that depreciation is mandatory.
You can deduct the cost of repairs on your rental property in the year you paid. However, you may not deduct the cost of improvements. You must recover the improvement cost through depreciation, rather than deducted in the year paid.
A repair just keeps the property in good operating condition and does not materially add value to the property. Some examples of repairs are: painting, fixing leaks and cracks, repairing broken gutters, and replacing broken doors or windows or other parts of the rental property.
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