Ok this first house of course is not anymore your primary residence you can really primary only live in
one especially if they are only 1 mile apart... so there goes that....
If you can rent it for a good monthly rent and in your area renting is up and going strong you certainly
can rent, but remember you will have to pay the real estate taxes without the homestead deduction,
and pay income tax on the income from the rent, and you are still responsible for maintaining the home
heating etc. So you may want to sit down with a local Realtor and put all the numbers in front of you.
It may not be such a bad idea to put it on the market for sale at this time, but I do not know your home, its size, age, updates etc. which all will influence how much you may net on this home....
The age of the home is also important in this decision. for the tax issues do talk beforehand to a good
Good Luck to you
Good Luck to you
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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However as the market seems to be picking up in some areas of the state you may want list your property again for sale and having a renter in the property will hinder the licensees that have clients wishing to Brown the property by having to give 24notice hour notice prior to viewing.
You may have already lost any tax advantages by moving into the new house and therefore creating new primary residence in that location.