Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I thinking about buying a truck and another person leasing…

Customer Question
I thinking about buying...

I thinking about buying a truck and another person leasing the truck to his truck company' and the person being financially responsible for truck payments, etc. How will this affect me and what kind of information should I do for a Limited POA? How should I protect myself? Can he claim the truck interest on his taxes?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

The proceeds, revenue, maintenance and financial responsibility including truck payment he will be responsible for. What limits need to be included in a POA The truck from lender will be in my name.

Submitted: 25 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 hours by:
3/29/2018
Tax Professional: Mark Anderson, Tax Attorney replied 25 days ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 615
Experience: Tax attorney and accountant
Verified

You will probably want to create a lease outlining all the terms of your agreement.

Ask Your Own Tax Question
Tax Professional: Mark Anderson, Tax Attorney replied 25 days ago

You would want to make sure your charge enough rent to cover your payment.

Ask Your Own Tax Question
Was this answer helpful?
Ask Mark Anderson Your Own Question
Mark Anderson
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 615
615 Satisfied Customers
Experience: Tax attorney and accountant

Mark Anderson is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Can interest & charity donations be used on 2018 tax return?
Can interest & charity donations be used on 2018 tax return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I have aid taxes on interest and dividends every year for
If I have aid taxes on interest and dividends every year for money i a trust, do I need to pay taxes on the money in my trust cash account again when I withdraw the money? … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
86 satisfied customers
Is savings bond interest tax exempt if the bond has not been
is savings bond interest tax exempt if the bond has not been cashed in … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
The allocation of mortgage interest & real estate taxes on a
the allocation of mortgage interest & real estate taxes on a married filing separately.return one spouse owns the house and his name is ***** ***** name on the mortgage.Is the other spouse entitled to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mortgage company states in my annual tax and interest
my mortgage company states in my annual tax and interest statement that I paid over $3000 in real estate tax, yet it doesn't appear om my 1098. if itemize this deduction will It bite me in the butt? … read more
abci168
abci168
Principal
27 satisfied customers
My return indicates an error at State Taxes & Interest
My return indicates an error at State Taxes & Interest worksheet, indicating I have to fill in " 1.b.2" I can not do that because I haven't lived in any state other than FL during 2017. I don't know h… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I understand there is 5% penalty AND interest paid on tax
I understand there is 5% penalty AND interest paid on tax owed if the return is late (after 4/15). Do I avoid the penalty by filing the 'extension' (or whatever it's referred to as), but still pay the… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Taxes: Where could I claim interest charges from Credit
Taxes: Where could I claim interest charges from Credit Cards and Fees from Banks and the fee that I pay to be able to pay the rent thru the Internet. Thank you . I am doing a Married filling jointly … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
I am interested in Tax year 2016. My granddaughter lived
I am interested in Tax year 2016. My granddaughter lived with me all year and I supported her. Could I claim her as a dependant? … read more
abci168
abci168
Principal
27 satisfied customers
My live-in partner put the mortgage interest on his taxes
My live-in partner put the mortgage interest on his taxes with a deduction of $3800. If we were to split that in half since I pay half of the mortgage what is the fair amount I would get … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
1099 O.I.D. for tax free interest. Publication 1212 says
1099 O.I.D. for tax free interest. Publication 1212 says "the rules for including o.i.d.in income generally does NOT apply to tax exempt bonds. I did get a 1099 o.i.d. from fidelity. "box 11 '-tax exe… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
ARe tax underpayments from past tax years and interest
ARe tax underpayments from past tax years and interest thereon deductible on 2017 taxes? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
2017 Interest Income on a 1099- that is box 8 tax exempt
2017 Interest Income on a 1099-B that is box 8 tax exempt Interest. if the interest came from NYS or NYC bonds are they Federal and NYS tax exempt.?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a form 1099-INT that lists tax exempt interest on
I have a form 1099-INT that lists tax exempt interest on line 8 and bond premium on tax exempt bonds on line 13. Is the line 8 amount already "adjusted" for the line 13 amount, or is the interest I sh… read more
abci168
abci168
Principal
27 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a question about interest income and interest
I have a question about interest income and interest expenses. We owned a small business which we sold in 2016. We provided the financing for the buyer. He continues to make monthly payments which inc… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I know that real estate taxes and interest on the note for
I know that real estate taxes and interest on the note for the property are not considered start-up expenses subject to amortization. So does that mean that they are deductible expenses to the busines… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Interested in information about new tax laws and their
Interested in information about new tax laws and their effect on S Corporations … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x