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I thinking about buying a truck and another person leasing…

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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: 3 months ago.Category: Tax
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Answered in 9 hours by:
3/29/2018
Tax Professional: Mark Anderson, Tax Attorney replied 3 months ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 758
Experience: Tax attorney and accountant
Verified

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

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Tax Professional: Mark Anderson, Tax Attorney replied 3 months ago

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

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