Tax Implications of Primary Residence vs Investment Property

[Jinyu Shao]

Hi all, I own a duplex in Queens and our family both live and rent the property. My family is planning to move out of the neighborhood and rent out the entire building. 

I'm unsure whether the house will become an investment property after we move out or remain a primary residence. We've been living there for almost 3 years. I'm aware there are rules like the 2/5 rule, you have to live there for 2 years in the past 5 years for it to be considered a primary. I'm not sure if it has changed. 

Any insights on the tax implications of primary residence vs. investment would be helpful.

Thanks!

Jinyu