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I am trying to help my son out. I want to lease him my 3/4…

I am trying to help...
I am trying to help my son out. I want to lease him my 3/4 ton pickup for him to use as a welding truck. Can I take the standard mileage deduction when I file my taxes?
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Answered in 1 minute by:
7/5/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
You would not be claiming mileage if you are leasing the use of the truck to him. He would claim expenses of the lease on his tax return.

Robin D :

He can claim teh standard mileage rate for the lease based on the miles he logs for business use.

Robin D :

sorry * the standard

Customer: So I will pay tax on the income?
Robin D :

Yes

Robin D :

You will show the payments to you as rental

Customer: So I would be better off selling it to him?
Robin D :

He would still be allowed his deductions and if you do not have a gain on the sale you woudl pay no tax

Customer: So he can deduct what he pays me? Will that be considered business expense on his part?
Robin D :

Yes it would be, he would show the truck on his Schedule C if he is sole proprietor

Customer: Thanks.
Robin D :

You are most welcome

Robin D :

Your positive rating is always thanks enough.


 

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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