Tax on home versus rental

[Josef Torkelsen]

Appreciate if someone can help give guidance on our situation. We will seek CPA guidance before we actually commit. 

We currently own a single family home in Orange County. It is too big for our needs and we are on with moving into a smaller and much cheaper rental to save us about a thousand a month. Are the tax benefits for living in our primary residence similar to the tax benefits of using it as a rental? Id hate to save money on moving into the rental just to hurt us on the tax side.