Give truck to driver after two year operation

Discussion in 'Ask An Owner Operator' started by amrogers3, Dec 15, 2020.

  1. amrogers3

    amrogers3 Bobtail Member

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    Any owner/operators here give their drivers a truck after a certain period of operation?

    I am looking to reward my drivers by giving them the trucks they drive after a two-year period of operation. I was drafting up a contract and was wondering if anyone has done anything like this and could give some advice.

    TIA.
     
    Last edited: Dec 15, 2020
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  3. GoneButNotForgotten

    GoneButNotForgotten Heavy Load Member

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    I have no clue as to your original question. But I suspect you also need to get some expert tax advice about this kind of situation before you go very far into the "how to".
     
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  4. DUNE-T

    DUNE-T Road Train Member

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    Are you talking about lease purchase?
     
  5. amrogers3

    amrogers3 Bobtail Member

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    No, I am talking about giving away or selling for $1.00, my truck to a driver after operating my truck under load for 2 years.
     
  6. Numb

    Numb Crusty Curmudgeon

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    there was a company operating out of one of the gulf states that did that about 15 yrs, (or so), ago. don't remember the name.
     
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  7. Badmon

    Badmon Medium Load Member

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    Welp ya got a taker here when you reach that 2 year milestone. No need to worry about that much at least PM me for my info :D
     
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  8. scott180

    scott180 Medium Load Member

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    How's the pay in the mean time?

    A friend was talking to someone with the same idea. Are you out of Idaho?

    I can see if the driver was going to take possession of the truck after two years they will likely take good care of it.
     
  9. OldeSkool

    OldeSkool Heavy Load Member

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    Probably be a good idea and a good way to get out. Save you from paying so much taxes when you get out of it.
     
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  10. AKDoug

    AKDoug Medium Load Member

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    I'm pretty sure it's going to matter as to what type of business you are... sole proprietor, C corp or S corp, LLC etc. This is a question for a CPA. I think that in some cases if the truck is fully depreciated there is no tax penalty, but I'm not positive. I know that I have removed fully depreciated equipment on my S-corp as worn out and no longer functioning without any sort of penalty.
     
  11. TripleSix

    TripleSix God of Roads

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    Calling @D.Tibbitt

    Mr Tibbitt’s company actually has a decent lease purchase deal. Truck gets a percentage of the line haul. Driver gets paid by the mile. The good thing about this sort of arrangement is that the driver does not get punished for going home. Payments do not snowball. Truck gets paid off, driver always earns a paycheck when he runs.
     
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