Yes, you can deduct mortgage interest if you itemize your deductions, subject to certain limitations (see: Can I deduct my mortgage interest?)
Here is how to report the information from Form 1098:
- Go to Federal > Deductions & Credits > Mortgage Interest and Refinancing (Form 1098)> Add/Edit
- Choose your bank to expand and edit or add if not already populated
- Continue until you get to the screen "Mortgage Interest and Refinancing (Form 1098)"
- Enter all of the information, including interest and property taxes and continue
