I have rental income but also a mortgage on the property. Can the mortgage payments be used to offset the profit from the rental income?

[ThomasM · Accepted solution]

The mortgage payments themselves are not deductible, but if you're paying certain items as part of those payments -- such as property taxes and private mortgage insurance (not homeowner's insurance) -- then you can separate out those amounts and deduct them.  In addition, you can deduct your mortgage interest paid.

TurboTax has entry boxes for each of those expenses in the rental expense section.