Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃
  1. New Lease Purchase Jobs $0 Down and other incentives Click Here to see offers
    Dismiss Notice

Are lease purchase payments tax deductible

Discussion in 'Lease Purchase Trucking Forum' started by bertscova, Jun 15, 2019.

  1. Jun 15, 2019 #1
    bertscova

    bertscova Bobtail Member

    23
    14
    Jul 16, 2013
    0
    Like the title says. Are lease purchase payments tax deductible?
     
    bertscova, Jun 15, 2019
    bertscova, Jun 15, 2019
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Jun 15, 2019 #2
    roshea

    roshea Road Train Member

    1,663
    1,749
    Sep 27, 2007
    Charlotte NC & Panama City FL
    0
    If it is a lease purchase, not a true lease, then it is broken into principal and interest. The interest is deductible, the purchase price is depreciated over three years
     
    roshea, Jun 15, 2019
    roshea, Jun 15, 2019
    #2
  4. Jun 15, 2019 #3
    bertscova

    bertscova Bobtail Member

    23
    14
    Jul 16, 2013
    0
    It will be through lone mountian. I spoke with them earlier today. 34 month lease no balloon, after last payment truck is mine. $3500 down $1500 a month no interest. 2014 cascadia dd15 13 spd eaton fuller 506k miles. 6 month 60k mile warranty
     
    bertscova, Jun 15, 2019
    bertscova, Jun 15, 2019
    #3
  5. Jun 15, 2019 #4
    roshea

    roshea Road Train Member

    1,663
    1,749
    Sep 27, 2007
    Charlotte NC & Panama City FL
    0
    They can call it anything they want to. That is a purchase agreement, not a lease as far as tax reporting goes.
     
    roshea, Jun 15, 2019
    roshea, Jun 15, 2019
    #4
    Intothesunset Thanks this.
  7. Jun 15, 2019 #5
    Intothesunset

    Intothesunset Road Train Member

    2,289
    4,880
    Apr 15, 2019
    truck
    0
    Lease purchase is a depreciation tax deduction. I believe.
     
    Intothesunset, Jun 15, 2019
    Intothesunset, Jun 15, 2019
    #5
  8. Jun 15, 2019 #6
    p608

    p608 Road Train Member

    2,181
    2,993
    Nov 10, 2016
    0
    :Look up business plan, get one and then consider your question
     
    p608, Jun 15, 2019
    p608, Jun 15, 2019
    #6
  9. Jun 20, 2019 #7
    mover man

    mover man Road Train Member

    1,698
    1,801
    Feb 21, 2010
    0
    With out the old we sell you the truck for $1 at the end of the lease. It is really a purchase and not a lease. The interest is already figured into the price.
    It's called a lease so they can retain ownership till it is paid. Legal mumbo jumbo they can demand back at any time for any reason. They own it.
    With all that said, a lease payments are 100% deductible in the year they were made.
    Spend $45 join ooida and ask legal or business question to the people who do it for a living.
     
    mover man, Jun 20, 2019
    mover man, Jun 20, 2019
    #7
    tscottme Thanks this.
  10. Jul 2, 2019 #8
    highwayMike

    highwayMike Light Load Member

    64
    31
    Jan 17, 2019
    0
    It’s business deductible if you use the truck for business. Doesn’t matter who owns it.
     
    highwayMike, Jul 2, 2019
    highwayMike, Jul 2, 2019
    #8
    ibcalm19 Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.