Hello, I am a US citizen by birth who also acquired Mexican citizenship.
I lived basically all my life in Mexico until 2 years ago when I got a job in the US.
In Mexico I have home where I lived until I migrated to USA (January 2011).
Now, I am planning to sell it or rent it.
I am still paying mortgage on that home.

Question 1. If I sell it would I have to pay extra income taxes?

Question 2. If I decide to rent it, I assume I will have to report income from that, but would I also be able to deduct the interests I am paying on it?

Thanks in Advance to anyone that answers my questions.