I own my home but want to move to a better location in the same city. If I rent out my home, and rent another home for me and my family for a similar amount would I need to pay more taxes (because of the rental income), or would the deductions for mortgage interest, property tax and depreciation cancel that out leaving me with the same tax bill? I did a rough calculation of the prop tax+depreciation+mortgage interest that looks like it mostly cancels out my expected rental income. I am especially interested in how Trump's new tax plan affects this situation, given that he is capping the mortgage deduction for a primary residence.
