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When in a purchase agreement who get the tax write off?
I'm doing a lease option purchase agreement with a friend. Who gets the tax right off on the home. Being that most of my rent is going to the purchase of the home?
Public Comments
- The owner gets the tax write off! What you write off is the interest you pay on the loan. You don't have a loan, so there is nothing for you to deduct!
- The owner gets the write off. The leasor is just a renter until they exercise their option to purchase.
- until you get to the point of the transaction where you get your own mortgage to buy it - any extra money you are paying is going towards the down payment and that's not deductible ever for anyone - the balance of your payment is rent - also not deductible
