First time renting out

[Donghwan Kim]

Hi.

The only real estate investing experience that I have is with my primary residence home. 

I am learning a lot by reading posts on this forum and books from Brandon Turner.

I purchased my primary residence, single-family home in 2020.

I plan to move out of this home next year and rent it out, while I purchase my next primary residence home.

I want to open separate business checking and savings account.

However, I do not have an LLC or business EIN to open such accounts. Also, I read that setting an LLC can be difficult in and of itself

For just one rental property, what would be the best business set up? and How would I report my taxes? I currently work as a W-2, but how would I file taxes for profits and losses generated from the rental property?

If I created a separate personal bank account for the property, and itemize all expenses and incomes, can I still get all the tax deductions?

Thank you in advance!