Can you collect a whole year rent upfront?

[Ryan Rogers]

Hey all!  Great to find this amazing site with so many helpful community betters.  Been reading a lot of the knowledge and insight you all have been offering and it's great stuff, thank you!

I have a question if you can collect a whole year rent up front?  I know the standard is first, last and security deposit.  However I have a property with such high demand that the possible tenant offered the full year upfront to lock in the property.  I'm from MA and I just wasn't sure if this is legal to do so?

Thanks in advance for your help!!!

Ryan

[Samantha Hiscock]

Vermont is also a tenant friendly state. I have a lease with the local PHA and they paid a years worth of rent up front. They sublet the apartment to the tenant and collect their portion of the rent. 

I assumed this was legal or the PHA wouldn't have offered it. The IRS requires that I claim the entire years worth of rent in the year it was received.