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dbookkeeping25
Level 2
February 18, 2025
Question

Semi Truck & Trailer

  • February 18, 2025
  • 2 replies
  • 11 views

I have a client who is a 1099'd truck driver and he leases a trailer for his cattle hauling business. How do I write off the lease payments? 

    This topic has been closed for replies.

    2 replies

    dkh
    dkh
    Level 15
    February 18, 2025

    What kind of lease?   Do they own the trailer at the end of the lease or have an option to purchase at a reduced price?

      D
      dbookkeeping25Author
      Level 2
      February 18, 2025

      It's a private lease from his parents. This was 2 years ago, so he is not going to own or didn't buy it from them.

      IRonMaN
      IRonMaN
      Level 15
      February 18, 2025

      But that didn't answer the flower lady's question.

      Slava Ukraini!
        qbteachmt
        qbteachmt
        Level 15
        February 19, 2025

        Specifically, if he hadn't already done so, he is late issuing a 1099-Misc with box 1 rent. He's in the "up to 30 days late" penalty range right now.

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