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are we allowed to write off the payment of investment property as an expense? i live in ohio?

i live in ohio and was wondering if i could write my payment on an investment property off as an expense or can i only write off the mortgage interest paid on it? i always figured my profit as rent collected minus full payment... is that not correct on ohio and federal taxes??? thanks in advance..

Public Comments

1. Investment properties are treated completely different than home mortgage deductions. Your monthly payments have nothing to do with your profit/loss. With investment properties you run into income/expense issues. Your income from the property is the rent received. Your deductions can be interest paid, taxes paid and depreciation. Then when you sell you run into a whole different set of issues such as depreciation recapture. Go to an accountant to help you. With the number of foreclosures and people falling behind in their payments, the IRS will be on the lookout for homes being rented out.
2. only the interest, BUT *** you need to do a full profit accounting for the property, including depreciation on Form 4562. Depreciation carries forward from Form 4562 to Schedule E, Form 1040 as an expense. then the net profit or loss on Schedule E goes to Form 1040. I suspect that Ohio taxes are similar.
3. I'm confused. Is this rental property? Or is this investment property like land or an unoccupied building?