REI deductions with fulltime job pay

[Eric Nelson]

I just bought a triplex in Bemidji MN.  I work full time, my wife and I file jointly around $110k income.

The house cost $168,500.  If I have a negative cashflow on paper or IRL this year, will I decrease my taxable income from my full time job?

If so, Is there a pay bracket cutoff where you cannot anymore?

Examples, I make $110k, rental income is 25k, and I have 30k in deductions.  Will my taxable income go down to $105k, or does that extra deduction carry over until I have a positive year?

Thanks!

Eric Nelson