Ultra-basic tax example

[Michael G]

Hello friends,

As I get closer to buying my first rental unit, I am thinking more about taxes. I know depreciation can be used to offset rental income. I have a few questions about what the government considers income, and what can be deducted from that income.

I think I can deduct things like:
Property taxes
Maintenance fees
Mortgage interest
Depreciation

I am not sure if I can deduct:
Repayment of mortgage principle

I believe rent paid to me is taxable income, and then I deduct the above items from that. Can I deduct the mortgage payments I make? If I am planning to use the profit to buy another unit, do I still have to pay taxes on it?

I think since I am trading that money for an asset that it will be taxed... I just want to make sure.

Thanks everyone.