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Paying off lease purchase

Discussion in 'Lease Purchase Trucking Forum' started by Sphillips38, Jul 14, 2020.

  1. Jul 14, 2020 #1
    Sphillips38

    Sphillips38 Bobtail Member

    41
    7
    Oct 18, 2016
    24477
    0
    I'm thinking of painting off my lease purchase. No balloon payments.I currently owe 44000 in lease.The beginning amount was 131000.
    My question is:What taxes are gonna have to be paid when I pay the truck off?
    I don't have to pay any taxes to the company I got the truck from.

    Thank you
     
    Sphillips38, Jul 14, 2020
    Sphillips38, Jul 14, 2020
    #1
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  3. Jul 14, 2020 #2
    blairandgretchen

    blairandgretchen Road Train Member

    12,038
    60,583
    Dec 9, 2011
    South west Missouri
    0
    Oh good lord, no.
     
    blairandgretchen, Jul 14, 2020
    blairandgretchen, Jul 14, 2020
    #2
  4. Jul 19, 2020 #3
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    832
    990
    Nov 23, 2014
    Grants Pass, OR
    0
    Talk to an accountant
     
    Crazytrucker77, Jul 19, 2020
    Crazytrucker77, Jul 19, 2020
    #3
    bzinger, buddyd157 and Eddiec Thank this.
  5. Jul 21, 2020 #4
    Eddiec

    Eddiec Road Train Member

    1,923
    2,793
    Feb 2, 2015
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    Don't do anything until you talk to your accountant
     
    Eddiec, Jul 21, 2020
    Eddiec, Jul 21, 2020
    #4
    bzinger and buddyd157 Thank this.
  7. Jul 21, 2020 #5
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,367
    11,205
    May 28, 2009
    Rancho Mirage, Ca.
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    Accountant AND your co.
     
    Allow Me., Jul 21, 2020
    Allow Me., Jul 21, 2020
    #5
    JJ brogan and buddyd157 Thank this.
  8. Feb 2, 2021 #6
    Whatagal

    Whatagal Light Load Member

    101
    123
    Aug 3, 2020
    North Texas
    0
    Someone on his YouTube video said he went through 2 leases & got smart on the 2nd one. At the end, he took the truck to a dealership & traded it in.
     
    Whatagal, Feb 2, 2021
    Whatagal, Feb 2, 2021
    #6
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