No, your losses from principal mortgage payments cannot be used in that manner on a residential rental property.

Your mortgage payments cannot be used as an expense  on a residential rental property.

You can not deduct the mortgage payment;You can  deduct  the mortgage interest. You can, and should, deduct depreciation [land is not depreciated] .  If you don't the IRS will treat it as if you did.  That will have very  serious negative consequences when you sell the property.You will also have other expenses that you can claim, insurance, taxes and repairs.

Where do I enter income and expenses from a rental property?

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