Give truck to driver after two year operation

@Dave_in_AZ mentioned something like that before.

 

I don't give them the truck. I put them in the truck for $0.00. They pay for it what I pay for it. I take part of the revenue. They can pay it off at anytime or just make the payments.

 

If ur looking to structure a lease purchase deal as a carrier i would say the company im with has one of the best in the business and really should be how all companies do it... i can pm u if ur interested in learning more

 

Don’t do it, lease it to them and let them do a buy out.

here is why.

they are on the hook for the asset value of the truck above $12,000, so if the truck is worth $36,000, the $24,000 is considered income.

oh and even if you put a price on the truck, during their irs audit, the irs can and in most cases put a value on the truck for them.

 

Well. Wish I met you before

 

I would talk to an attorney first. What if you have to fire a guy after a year? He is going to want what the truck is worth at that time. He can claim you are just letting him go so you don't have to give him the truck. No good deed goes unpunished.

 

Please pm me the info on the lease purchase