Tax Deduction Question?

[James L.]

When I buy a home with a 30 yr mortgage at a rate of 4%, I have a payment each month for 30 years. Some of the payment goes towards paying down the principle; some goes towards interest. I then get to deduct the interest I pay annually from my income. My question is..... If I have an interest only loan for X amount of years, am I still able to deduct the interest even though I am not paying down the principle? Thanks in advance for any helpful insight!

[David Bermanski]

Yes I used to work in a CPA firm.  Also I assume you mean you are renting it out and if so you can deduct your property taxes and insurance.