Muirford is right - however you do it this year will affect how it is treated in future years. And some elections you make this first time cannot be reversed or amended. The land is not depreciable. And, although you might have income to offset this year, you might have even more income to offset in another year. So, trying to write off the whole thing (which is not going to happen) in one year could set yourself up to be screwed in future years.
The tax law is very complicated. I am a self-employed bookkeeper )for the last 8 years and in business bookkeeping for the last 16). I have dealt with the IRS alot. I can tell you that if you file these taxes yourself and try to deduct something that is not allowed (ie: the whole kit & kaboodle) they will come right back and hit you for it. You can't claim ignorance of tax law - all the rules are online for viewing (regardless of the fact that they can't be understood by regular folk), there's IRS offices in every state for assistance, there's help lines to call and accountants who are trained to make sure that you follow the rules and don't get in trouble. If you do this yourself, do it wrong and get caught, you will be hit with HUGE penalties and also late fees for any additional taxes they assess from the time they would have been due. It's totally not worth it!
Check this out -
http://www.ustaxcourt.gov/InOpHistoric/Wolfgram.TCM.WPD.pdf
The IRS asserts that any expenses incurred in connection with a bed-and-breakfast activity were capital expenses under section 263(a)(1) or startup expenses under section 195(a) and thus are not currrently deductible.
And like this says - any expenses incurred before the day you actually opened for business are treated separately. They are considered start-up costs and have to be amortized over time - research costs, design/architect, materials, mileage during this time... . Those expenses have to be separated out and documented.