Lease/Option and Taxes - Posted by Jennifer(NH)
Posted by Jennifer(NH) on December 23, 1998 at 10:13:13:
I’m currently in the works of obtaining a multi-family using a Lease/Option agreement. (I’m not celebrating until the papers are signed) I understand that the seller continues to enjoy the tax benefits of the property, but as a buyer on a lease/option do I report the gross income I make off the property and do I get to write-off any of the expenses of the property i.e. water/sewer, maintenance? Any guidance would be appreciated.