AboutJohn L. Tidwell Expertise Unemployment tax law both state and federal; determination of employer employee relationship; the usual 20 commonlaw factors for making that determination; and what makes me a liable employer.
Experience Over 20 years of field audit experience with a state agency
Organizations none
Publications none
Education/Credentials Degree in Accounting from Falls Business College
Question If I lease my house with no intent of selling it at this time, and the lease payment to me will be considerably less than my mortgage (I'll make mortgage payments directly)is there any tax relief I can get (house in TN, I'll be in SC). What about things that break and must be replaced, I'd have to pay for those things, can I deduct the expenses if I have receipts?
Answer Cheryl:
Your expenses will not be the mortgage payment but instead will be any up keep expense plus depreciation, property tax, and mortgage interest. However, if you later move into the house or sell the house you will have to declare any depreciation that you have taken as income in future years. My self personally any rental property I never take depreciation because of having to recover it and declare it as income to me its not worth the extra trouble.
