Hi,

Thanks in advance for any advice.

I've lived in my home for 2+ years, but now have to move for work. I want to rent my primary residence (given that the market isn't exactly booming, I'd rather not sell). I am confused with the affect it'll have on my taxes. Could someone please break it down for me?

Currently I pay:
-- $2500/mo. in mortgage interest,
-- $500/mo. in property taxes.

I take that $3000/mo. as a deduction. I also pay another $600/mo. for insurance, etc.

-- If I rent the property for $3000/mo., what precisely will happen?
-- What if I can only rent it for $2500 (unfortunately a likely scenario)?
-- And where does depreciation fit into all of this?

I would have no other rental income and my earnings are over $150000/year.

Thanks!