L/O question on taxes and depreciation - Posted by Sophie

import · May 11, 1999, 10:36am

Posted by Bud Branstetter on May 11, 1999 at 17:57:29:

The lessor is still the owner and is responsible to keep the taxes paid and the property insured. He would also have to depreciate it. You could do a contract for deed and accomplish about the same thing but get the depreciation if he agrees to classify it as a sale.

import · May 11, 1999, 10:36am

Posted by Sophie on May 11, 1999 at 10:36:50:

I’am considering a lease with option to buy on a duplex
and had a few questions:

Does the lessor pay taxes and insurance (in order to not invoke the due-on-sale clause)?
Who gets to take the depreciation on their income tax?