@rynlee wrote:
I see that TT allows me to enter income and expenses related to the property in the "rental properties" section. Given what I've said above, should I also set up a separate business? Would I then just enter the expenses unrelated to the first property in that section?
You might want to seek an in-person consultation with a tax professional for guidance on this matter.
In general, and as you mentioned, income and expenses related to the rental property are entered in the Rental Properties section of the program. However, expenses entirely unrelated to the rental property are typically not deductible as rental expenses.
Unless you are a real estate dealer and/or provide substantial services in conjunction with your rental property, you report all income and expenses on Schedule E as rental income and expenses.
See https://www.irs.gov/publications/p527#en_US_2018_publink1000219117
