Paying off lease purchase

Discussion in 'Lease Purchase Trucking Forum' started by Sphillips38, Jul 14, 2020.

  1. Sphillips38

    Sphillips38 Bobtail Member

    41
    7
    Oct 18, 2016
    24477
    0
    I'm thinking of painting off my lease purchase. No balloon payments.I currently owe 44000 in lease.The beginning amount was 131000.
    My question is:What taxes are gonna have to be paid when I pay the truck off?
    I don't have to pay any taxes to the company I got the truck from.

    Thank you
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  3. Crazytrucker77

    Crazytrucker77 Medium Load Member

    688
    693
    Nov 23, 2014
    Grants Pass, OR
    0
  4. Eddiec

    Eddiec Road Train Member

    1,263
    1,629
    Feb 2, 2015
    0
    Don't do anything until you talk to your accountant
     
    bzinger and buddyd157 Thank this.
  5. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    9,439
    8,419
    May 28, 2009
    Rancho Mirage, Ca.
    0
    Accountant AND your co.
     
    JJ brogan and buddyd157 Thank this.
  6. Whatagal

    Whatagal Light Load Member

    87
    113
    Aug 3, 2020
    North Texas
    0
    Someone on his YouTube video said he went through 2 leases & got smart on the 2nd one. At the end, he took the truck to a dealership & traded it in.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  • Draft saved Draft deleted