Who gets depreciation benefit in land sale?

[maebashi]

I’m working on a lease purchase which would turn into a land sale contract. At what point is the seller no longer able to declare depreciation on his taxes? Is it when we sign the land sale contract? Do we both share? Or does seller get depreciation untl I’ve made my last payment?

thanks,
Matt

[aprudeaux]

Generally the leasor (the seller) gets all the tax benefits until you physically execute the sale option.