Do I deduct mortgage payment from rental income?

[brookeaheinz]

I'm currently renting out a house that I own. My renters pay $1250 a month, and I pay about $800 for the mortgate. Should I declare $450/month as rental income, or $1250?

[KenH1]

You don't actually deduct your mortgage payments.

Instead, you would depreciate (write-off) the purchase price over time.

After the general questions about the property, enter rental income and expenses (including depreciation)

(see screenshot)

Mortgage interest (from your 1098) would be entered into the Expenses section, second screen

[KenH1]

added content about mortgage interest