rental property tax related

[Aariff Kadar]

I have a day job and i am planning to buy a new primary residence by renting out my current residence.

Questions:

 I will get rental income of $36,000 and expenses of $44,000 (Includes mortgage insurance, property tax and depreciation), will this offset help saving taxes from my day job? Is here any restrictions, i need to consider?

I am also planning to use the mortage insurance and prperty tax from the new property which i am planning to buy?

Am i missing anything? Do i have to know anything before i take any major steps?

Aariff