I wrote a blog recently about typical homeowner and rental property related tax deductions. Within the blog there are several links to portions of the tax code that may help you. See the link below.
But here are some tips - the interest paid to banks is part of your the Schedule E. ( expense side )
If this is your first rental property as a landlord, here are some things you will want to keep track of :
Purchase price of the house, condo, or apartment building you are renting out,
Security deposits you received.
In addition, you will need to keep track of various expenses associated with your rental property, including:
Commissions or property management fees,
Cleaning, maintenance, and repair costs,
Homeowners insurance and HOA dues,
Real estate taxes and mortgage interest expenses,
Security deposits reimbursed to the tenant.
and various other expenses, such as utilities, landscaping, garbage, and so forth.
In my experience, homeowners who keep detailed summaries of their rental property expenses are the ones who benefit from the generous tax rules regarding rental income.
Hope this helps,