Leasing a truck thru my LLC

Discussion in 'Ask An Owner Operator' started by ridgerunner77, Jul 12, 2015.

  1. ridgerunner77

    ridgerunner77 Light Load Member

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    I'm thinking of putting the next truck I buy in my llc's name and then lease it to myself.Question is,and there may be more,is there a minimum amount that my llc has to charge me a week or month to lease the truck to be a legal lease or stand up to scrutiny
     
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  3. average joe

    average joe Medium Load Member

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    I would think the way to do it is you depreciate the the truck the llc writes off the lease payments and after it's paid for sell it to the llc and depreciate it again. BUT I'm not a tax accountant
     
  4. ridgerunner77

    ridgerunner77 Light Load Member

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    Trying to pay as little to TN as I can with their excise tax of 6.5% if I can.didnt know if like my llc only charged me like $50 a week lease payment if that would hold up with i.r.s or tn and would they call b.s on it
     
  5. glockwise

    glockwise Light Load Member

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    What exactly are you trying to accomplish?
     
  6. ridgerunner77

    ridgerunner77 Light Load Member

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    Probably paranoid but I'm wanting to put my truck in llc name mainly from personal creditors and also if or when I want to expand have access to business credit if needed.plus I don't want to pay excise tax of 6.5% on my net,figured my llc would lease truck to me at say $50 a week and I would be able to run as a SP then while my business would on pay excise tax on value of truck and 2600 in lease income.if that makes sense
     
  7. nutcase

    nutcase Light Load Member

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    Don't know if it is legal at all, regardless of payment. May need to be a Sub chapter S or even a C corp for that kind of deal to fly. And any deal like that would most likely have to be at "market" rate/value.

    If you or the LLC are borrowing money buy the truck you will probably have to be personally responsible for the debt.

    You will have to speak with an accountant or attorney to get the correct answer.
     
  8. ridgerunner77

    ridgerunner77 Light Load Member

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    Going to pay cash for whatever truck I do buy.a couple ppl told me that it doesn't have to be any set rate or fair market rate for lease payment.just trying to get ideas together about which way I do it before I talk to lawyer,so I'm not just babbling and throwing ideas everywhere while being billed by lawyer
     
  9. t660man

    t660man Bobtail Member

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    You need to seek guidelines from a cpa that is well versed in this. Every model of business is different.
     
  10. ridgerunner77

    ridgerunner77 Light Load Member

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    Cpa or business lawyer, or can they both answer these kind of questions?
     
  11. t660man

    t660man Bobtail Member

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    A cpa that's real familiar with IRS regulations. It has worked for me very well. Someone I can call anytime for answers for my questions.
     
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