Hi there, thanks for your question!
So the standard deduction relates to your personal deductions. For your situation your rental expenses and business expenses are not considered personal deductions. Personal deductions usually fall under medical expenses, home mortgage on your personal home(s), and charitable contributions. So for those you can either itemize or take the standard deduction on Schedule A. Additionally you will also want to track expenses on both your rental and business as you get to take those deductions, usually on Schedules C and E. So really you will take your listed expenses (deductions) for the rental, the business, and you will also take the standard or itemized deduction(s). You get the benefit of all three!
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