FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018. By continuing to use this site, you are consenting to our Terms of Service and use of cookies.
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?
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?
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.
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.
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.