Another thing to be aware of:
When you sell you principal residence, you are allowed to exclude the capital gain, from income. That is, the gain (up to $250,000; $500,000 married) on the sale of your home is not taxable, if you owned and lived in the home for two out of the five years prior to sale.
If you rent out your home for three years after you move out, you will lose the right to exclude that gain.
