How to manage taxes on first rental

[Anthony Jones]

I was approved to buy a second house to live in so that I can rent out where I currently live. I am going to try and rent the house I currently live in for $1700 a month and my monthly payment is $1321. I am new and trying to figure out costs for the rental and the biggest question I have is will I have to pay income tax on the rent? I plan on forming and LLC and letting the cash flow build up, so that I can save for future expenses. Any direction or resource would be greatly appreciated!

**the $1321 includes my current escrow account with property tax and homeowners insurance.