Tax Implication Converting Primary Residence to Rental

[Justin Owens]

I'm in the process of purchasing a new primary residence.  I have owned and lived in my current home for 13 years.  I am considering keeping my current home and renting it out.  What are the tax implications if I do this?  If I sell it now, I will not have any tax liability but does renting it out change that in the future if I were to sell?  How would taking depreciation while renting it affect an eventual sale down the road?