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Filing Taxes After Lease Purchase. HELP!!

Discussion in 'Ask An Owner Operator' started by kaci_nicole8, Feb 2, 2013.

  1. Feb 2, 2013 #1
    kaci_nicole8

    kaci_nicole8 Bobtail Member

    4
    1
    Jun 19, 2012
    0
    My husband did a lease purchase thing for a short while.. and now its time to file taxes on it. What can he claim since he was technically paying on the truck but did not OWN the truck? Also, must you remove the fuel surcharge from the total cost spent on fuel when filing taxes? ANY AND ALL advice would be great help!!!!
     
    kaci_nicole8, Feb 2, 2013
    kaci_nicole8, Feb 2, 2013
    #1
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  3. Feb 2, 2013 #2
    marmonman

    marmonman Road Train Member

    1,417
    2,842
    Dec 14, 2009
    central illinois
    0
    Go get a accountant that knows about these things !!!! The money you spend on him will pay you back in spades !!!! Once again go to a professional not a part timer avoid the part time places like the plague
     
    marmonman, Feb 2, 2013
    marmonman, Feb 2, 2013
    #2
  4. Feb 2, 2013 #3
    Driver of the year

    Driver of the year Medium Load Member

    442
    249
    Sep 28, 2012
    Tampa FL
    0
    Get a good CPA!
     
    Driver of the year, Feb 2, 2013
    Driver of the year, Feb 2, 2013
    #3
  5. Feb 2, 2013 #4
    BigBadBill

    BigBadBill Bullishly Optimistic

    4,599
    4,439
    Oct 2, 2010
    Chattanooga, TN
    0
    You will get an 1099 from the company. This will include all the income minus the expenses they deducted. So FSC is income and the fuel is the expense. So from tracking all the expenses point it should be pretty easy. Now you are able to deduct business related expenses that the company did not take from a settlement.

    A good tax person should be able to walk you through what is deductible and not.

    No offense to DoftheY but unless it is in a small town with a CPA that is the tax person a CPA is WAY over kill. Unless you have a major tax issue, using a CPA to do basic taxes like this is like bring a tank to a knife fight.
     
    BigBadBill, Feb 2, 2013
    BigBadBill, Feb 2, 2013
    #4
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