You'll probably get a 1099-MISC at year's end for your real estate income. You'll report that income and your allowable real estate expenses on Schedule C of your tax return, and you'll be taxed on the net.
Expenses related to your W2 job, as others have said, are NOT deductible at all.
So keep good records of your real estate business expenditures.
Be aware that taxes are NOT withheld from 1099-MISC income, so you'll have to pay quarterly estimated taxes once you started earning commissions. And be aware that 1099-MISC income is considered self-employment income, so it will be subject to the self-employment (SE) tax, as well as ordinary income tax. The SE tax is for Social Security and Medicare.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
