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J
JONI9611
Level 4
January 21, 2020
Solved

Rental Income

  • January 21, 2020
  • 4 replies
  • 35 views

Do I treat lease to own income as Rental income in the year it is received. Take expenses yearly like a rental property.

This topic has been closed for replies.
Best answer by IRonMaN

Lease to own sounds more like someone bought an asset and is having it financed by the former owner.

4 replies

IRonMaN
IRonMaNAnswer
Level 15
January 21, 2020

Lease to own sounds more like someone bought an asset and is having it financed by the former owner.

Slava Ukraini!
    abctax55
    abctax55
    Level 15
    January 21, 2020

    And I'm thinking "rent to own" is more a service & goes on Sch C. 

    Plus I vaguely remember that the accounting for "rent to own" business is a wee bit complicated.

    HumanKind... Be Both
      RollTide68
      RollTide68
      Level 7
      January 22, 2020

      I would take a look at this article on lease options.  May be classified as an installment sale.

      https://www.ccim.com/cire-magazine/articles/lease-option-or-installment-sale/?gmSsoPc=1

        G
        Greta
        Level 7
        January 22, 2020

        I have considered it a Schedule E rental because too often the "buyer" walks away from the contract after a few years.

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