I am new to this forum and in a huge need of help because I am a really big idiot when it comes to accounting...

I think all of you who understands it, or chooses it as a profession is incredibly smart!

So I was wondering if you please would be so kind and teach me a little bit about real estate taxation.

So, lets say we have a rental house that worth 150K, and rents for 1k per month. So yearly income from the rent would be 12K on the property.

Lets say I claim this rental on my personal taxes... Lets say I am in a 30 percent tax bracket, and lets say I make 100K per year.

1) How will that rental income be taxed?

2) My understanding, interest rate is deductible...Lets say I paid 5K in interest , then 100K ( my salary) minus 5 K of interest, =95K of taxable income...

So, if I understand it correctly, then 30% taxes will be taken from 95K, not 100K. Correct?

3) Then deprecation is helping to decrease taxes...If I understand it correctly, then the worth of the rental house ( 150K) is spread over a certain amount of years, I do not remember how many years, lets say for simplicity over 30 years...So, then 150K divide by 30 years, 5K per year I can subtract as well from my taxable income? So again, then 30% will be taken from 90K now (100K minus interest 5K minus depreciation 5K=90K)

4) Then repairs/management fee, etc...Lets say I spend 10K per year on that , then 90K minus 10K= I am left with 80K of taxable income, right?

5) Am I understanding it correctly? Am I missing anything else?

Please understand that you are talking to a not intelligent person ( I dont understand accounting and I dont know financial vocabulary), so will you please explain like you would be explaining to a dummy?

Thank you guys so much in advance!