You would enter the total rent that was received.
Only the mortgage interest can be deducted, not the mortgage payment.
Are you taking depreciation for the property? That will reduce your rental profit and it is required by the IRS.
Here's how to enter the depreciation:
Enter your rental property information through the TurboTax guided questions (or choose edit rental property if property is already listed) until you come to a screen that is titled, Your "rental property name" rental summary.
You will enter your rental property house here under "assets/depreciation".
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