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I will be renting my home out in the fall to move to a different state, and I believe I will end up taking a loss because I'm underwater on the mortgage. I might be able to rent it for the mortgage, but paying the property management team, turn costs between tenants, and anything else unforseeable like emergency maintenance or court fees will all be over and above. (Not renting it out and staying in it is not an option.) I'm just trying to keep my head above water for 3-5 more years when I will hopefully be able to break even and not have to sell at a loss.
How will this affect my taxes? What will I be able to deduct to make the squeeze not as bad? The more detailed you can be, the better. I'm totally lost on this whole thing, just need to try to make the best of the situation and preserve my credit rating and not go into double digit debt.
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