good answers below, here is a calculator that may help you better assess the cashflow impact of renting out your home
consult with your tax accountant
Buyer 50%-60% Cash Rebate / Seller 50% Commission Discount
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If the amount of the taxes you pay is enough of a hindrance to being where you want to be, you really should talk to an accountant to go over the ramifications.
I have looked at this same predicament as well. If your home still has a mortgage, the interest and any expenses and taxes are deductible from your rental income.
Here's some more information on the IRS rules on rental income http://www.irs.gov/publications/p527/index.html
Hope this is helpful. If you'd like help with renting your property out, I offer property management services for a flat rate ($50). If you would like to list your property, I can help with that and only charge a flat fee of $500 which includes listing to the MLS, taking photos and hosting open houses.
Best of luck,
I would suggest you speak to an accountant.
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