Mortgage interest for rental properties is deducted as an expense on Schedule E they are not an itemized deduction on Schedule A. When your rental income is below 0 you have a passive loss that can be used to offset future passive income. These losses are carried forward until they are used up. If you have passive losses when you sell the rental property you will use the passive losses to reduce your profit from the sale.
If you did not deduct the mortgage interest as an expense in prior years you may file amended returns for the previous 3 years to correctly expense the mortgage interest. See this TurboTax link for information on amending tax returns https://How to amend (change or correct) a return you've already filed
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