I will be renting out a condo I own.
Once I start collecting rent for this condo (which I will no longer be living in) how much am I taxed on the rent that I collect from my tenant?
You're not actually taxed on the gross rent you collect. You are taxed on the net profit from the rental after many deductions, including depreciation. Many, if not most, landlords end up with a loss after depreciation. The tax rate applied is just your general income tax rate, same as your regular earned income. You might go to WWW.irs.gov to look at and read the instructions for the Schedule E, which is the form on which you report rental income and expense, to get an idea of how your taxable gain or loss is calculated, and the expenses for which you should keep good records.