Buying a home using mortgage for primary residence but instead renting the property

[Anique Akhtar]

Hello,

I am pre-approved for a mortgage on a primary residence (non-FHA). Buying the property and moving in it means we move further away from the job along with other inconveniences.

My question is, what happens if I decide to not move into the new property and instead rent it out. Would I still be allowed to deduct interests from my personal tax returns? Are there any disadvantages in terms of tax advantages? Are there any other issues I could face by using this property as a rental property instead?

I don't intend to sell the property so not worried about the capital gains. If I do sell it, it would most likely be a 1031 exchange.

Thanks.