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Lease Option Buyback write off

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cowboy07

Junior Member
Oregon. I had to do a lease option buyback last year on my house. I have been paying the mortgage, property taxes and insurance since the contract started last Jan. 06. Does anyone know if I can write off the payments?

thx.
 


LdiJ

Senior Member
Oregon. I had to do a lease option buyback last year on my house. I have been paying the mortgage, property taxes and insurance since the contract started last Jan. 06. Does anyone know if I can write off the payments?

thx.
You need to see a local tax pro with your contract in hand. I would assume that if you are paying mortgage interest and property taxes those should be schedule A deductions for you, however, I would have to read your contract to truly understand what your "lease option buyback" really is before I could be certain of that.
 

LdiJ

Senior Member
thanks for your feedback. It was a 1 year contract with the option to buyback at 75% loan to value.
That doesn't really help. I know it ought to sound simple, but its not. Someone really needs to see the contract to help you.

Generally that sort of thing is a true lease until you exercise the option to buy. However, its possible that yours is set up as a true purchase contract. Again, you need to get a consult with a professional.
 

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