Do you write off your mortgage payments for a rental property?

[VolvoGirl]

Just the interest and property tax.  For the principal amount of the loan you should be depreciating the cost over 27 years.  

[Carl]

The entire mortgage payment is never deductible. Never has been. You can only claim/deduct the interest paid on that mortgage each year. The lender should be sending you a 1098-Mortgage Interest Statement form every year, to show you the interest you paid (and therefor can claim/deduct) for the tax year.

If you are using the program as it's designed and intended to be used, you will be asked if you have a 1098. When you answer yes, you'll be asked for the amount in box 1 of that 1098. You'll also be asked for property taxes paid.

In the rental expenses section you'll also see boxes specifically labeled for real estate taxes, as will as for insurance paid in the tax year.