For rental properties, you can deduct interest payments for which you most likely will have received a form 1098. Along with the interest payments, you can also deduct real estate taxes related to that specific property.
In addition, you can depreciate the cost of the property and take the annual depreciation as an expense. For residential property, you can depreciate the property over 27.5 years using (MACRS) Modified Accelerated Cost Recovery System the method allowed by the IRS.
For more information please check out the following article: Rental Property Expenses You Can Deduct
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