If you itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions, you may still be able to deduct your personal portion of mortgage interest, property taxes, and casualty losses on that schedule. There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days.
According to Harvard Medical School, you will burn about 240 to 356 calories per hour doing water aerobics, which is lower than the 420- to 622-calorie expenditure from participating in one hour of step aerobics at a low intensity.
A lot of energy is not used during aerobic exercise, so the body will burn fat by converting it into sugar for the cells to use as energy. If aerobic exercise is sustained for more than 20 minutes, it is especially healthy because the body will continue to burn fat for several hours afterward.