Tax deduction question from first investment property

[Chris K.]

Hi,

I am interested in my first investment property but I am trying to understand all tax pros/cons beforehand.

Let’s say I get paid through a w2 and also 1099 (self employed) and I have to pay about 10k annually on taxes from my 1099.

If I own my investment property , and even though it is cash flow positive, can I deduct all expenses associated with managing this property (travel, furniture, utilities etc.)? Let’s say this adds up to 8k for my first year. Will this 8k be deducted from my 10k that I would owe bringing my total down to 2K? Or are these two separate businesses?

I hope I explained this correctly.

Thanks in advance for any help and guidance.

-Chris