Yes. Common rental expenses include depreciation (based on your purchase price), real estate taxes, mortgage interest, maintenance, and repairs.  

These expenses will always offset your rental income; however, if the result is a loss, it will be disallowed if your total income from all sources is over $150k.  Instead, those losses become Passive Activity Losses and are carried forward for use in future years or when you sell.

To enter your rental income and expenses, including depreciation, go to:

Federal Taxes, then 

Wages & Income

Scroll down to Rental Property & Royalties

After the general questions about the property, enter rental income.  At the summary screen, scroll down and select Add Expenses