Hi there,
Thanks for your question. Your rental will eventually go onto your tax return on Schedule E. You will want to track all your income and expenses associated with the apartment. This could include utilities, internet, repairs, supplies, furniture (if any) property taxes, and really anything you can think of you spend to rent out the apartment. This will not affect whether you use the standard deduction or itemize, however your mortgage interest on the new home could affect this. Here is a good sample list of expenses Rental Expenses Keep in mind if you spend money on the rental, it is likely an expense you will want to track.
Separate from the apartment, when you purchase a home make sure you keep the closing documents. You will need this when you sell the house in the future. I can't tell you how many times I find someone who doesn't keep their records not realizing you need it if/when you ever sell the house. I hope this helps.
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