Need advice about depreciation

[Dennis Nemitz]

I just purchased a townhouse for my primary residence. I have owned my current home for 30 years, and we are having a bit of trouble selling it because of our emotional attachment to it. So we are thinking about renting it out instead of selling it. What I need advice on is, when we do sell it will we be taxed on the amount we depreciate it from our purchase price, or on the homes value when we turned it into an income property?