What are the advantages of renting out versus selling my home?

I am in the process of purchasing a new home to live in. My existing home is in a neighborhood where places sell and rent out rather quickly. I have equity in the home equal to about 1/2 of the current value of the home. I am thinking about selling. Some people think I should rent it out. What are the tax... show more I am in the process of purchasing a new home to live in. My existing home is in a neighborhood where places sell and rent out rather quickly. I have equity in the home equal to about 1/2 of the current value of the home. I am thinking about selling. Some people think I should rent it out. What are the tax advantages of renting it out? I still have a mortgage on it. Can I write off any of the interest on the mortgage? If someone can direct me to a good book or website to help me out, that would be wonderful. Thanks!!
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