When you turn your primary residence into a rental property, you may be forfeiting the $250,000 ($500,000 for couples) exclusion on your property. (Not to mention that you would have to pay capital gains taxes when you sale a rental property)
A residence MUST be your primary residence for two of the five years prior to selling your home in order to qualify for the $250,000 ($500,000 for couples) exclusion. This tax law enables tax payers to keep $250,000 ($500,000 for couples) without having to pay taxes. Gains over the $250,000 or $500,000 for couples is taxable.
The bottom line of this short article is that tax payers should consult with their tax professional BEFORE turning a home into rental property. Turning your primary residence into a rental property can have serious consequences in the years to come.