Leasing to yourself

[Rawze]

(01-17-2021 )Djmurria Wrote:  This stupidity didn't come from anyone but me lol.
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Yup... its pretty dumb.

(01-17-2021 )Djmurria Wrote:  ... From what I've read for truck drivers truck loan payments can't be written off as a tax deductible you write off the interest on the loan and depreciation, but lease/rental payments can be written off.
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This wishy-washy part of your statement is completely off-key.

You have somehow been completely mis-informed .... IF IT IS AN EXPENSE... AND IT IS BUSINESS RELATED .. IT IS DEDUCTIBLE AGAINST YOUR GROSS EARNINGS! .. PLAIN AND SIMPLE!!! ...PAYMENTS, INTEREST, ALL OF IT IS PART OF YOUR TRUCKS OPERATING EXPENSES!.. if you had to pay it to stay in, or operate your business... it is an EXPENSE.

AS AFR AS DEPRECIATION GOES ... I ALREADY ANSWERED THAT ONE VERY WELL ABOVE!.
"can only be legally claimed by the company who's name is on the title as the title holder.". It CANNOT BE DOUBLE-DIPPED!!! -- The trucks depreciable worth CANNOT START OVER JUST BECAUSE THE TITLE CHANGED HANDS either. IT IS A ONE-WAY TRIP ON DEDUCTION THAT ONLY EVER CAN ACCUMULATE TO THE TOTAL WORTH OF ITS new-truck value FROM THE TIME IT LEAVES THE MANUFACTURERS FACILITY BRAND NEW, UNTIL IT GOES TO THE JUNK YARD ... NO MATTER HOW MANY HANDS IT GETS INTO OR GETS RENTED, FINANCED, SOLD, OR LEASED TO.

I.E.> IF Whoever had it before it got into your name claimed 100% of the vehicles worth on depreciation ... then there is ZERO DOLLARS LEFT that can legally be claimed as depreciation by the next title holder. Otherwise, I could just lease it to myself or sell it to myself or a friend and back and forth it goes every so often and claim its worth forever and ever... THIS IS ILLEGAL AND CALLED FRAUD!


and by the way ... you said .. "from what i've read" ... I think you need to throw whatever source of info that is in the trash can real fast if that is what it is telling you. Sounds to me just like some social medai garbage.

(01-17-2021 )Djmurria Wrote:  ...
if you had one LLC that owned/financed the truck and you leased/rented to your trucking company would it help tax wise?
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YEAH --- IT WOULD CREATE MORE PAPERWORK FOR THE IRS TO AUDIT YOU BY ... THAT IS WHAT IT WOULD DO AND THAT IS WHAT YOU WOULD GAIN FROM IT ... BEING AUDITED EVENTUALLY, THEN PAYING HEFTY FINES AND INTEREST ON ALL THE DOUBLE-DIPPED OR FALSE CLAIMS YOU MADE IN A SCAMMING WAY ... THERE IS NO SUCH THING AS DOUBLE-DIPPING TAX BREAKS OR ONE COMPANY CLAIMING LOSSES AND TAX DEDUCTIONS ON CLAIMS THAT ANOTHER COMPANY MADE OR ANY OTHER GARBAGE SCAM IDEA YOU SEEM TO HAVE STUCK INTO YOUR HEAD THERE ... THIS SOUNDS LIKE SOMEONE TRYING TO SCAM THE SYSTEM WOULD COME UP WITH PLAIN AND SIMPLE AND IT IS CALLED FRAUD ... PEOPLE GO TO JAIL FOR SUCH ILL-BEGOTTEN IDEAS!.

(01-17-2021 )Djmurria Wrote:  And can you maybe help give me a better understanding on the business tax side? Do you pay taxes on the money earned minus tax deductions, or do you pay on money earned minus expenses and tax deductions?

WTF??:: BUSINESS AND OPERATING EXPENSES ARE TAX DEDUCTIBLE AND ARE THEREFORE TAX DEDUCTIONS!. That last sentence here you made makes absolutely zero sense.

Its pretty damnned straight forward.... YOu earn money (referred to as GROSS INCOME) ... you have a paperwork(or transaction) trail showng where the money went to. Payments on the truck... electric bill at home... pants for work... fuel, lease or load payments .. car payments at home .. new stove for the wife ... groceries ... any cash you withdrew against your pay ... replacement parts and repair bills for the truck ... etc.etc.etc.

THE IRS SEES ALL OF IT, PERSONAL, BUSINESS, AND OTHERWISE AND EVEN TRACKS THE AMOUNT OF CASH YOU WITHDRAW FROM THE BANK TOO!. DOES NOT MATTER HOW YOU SLICED IT UP!

If it is ANYTHING related directly to operating your business (pants for work, loan/lease, etc truck payments, fuel bill etc.) ... you claim that as a loss against your (GROSS) income therefore showing that you actually earned LESS MONEY than was given to you overall .. and what that leftover amount as (called NET income) .. that you used for yourself ... not related to your business .... like your home electric bill and car payments,.. stove for the wife ... groceries, etc.etc... -- YOU OWE TAXES ON IT! .. PLAIN AND STRAIGHT FORWARD AND SIMPLE!. PERIOD!

If you have your business split into several companies.. then that is STILL exactly what will happen .. you can't use multiple companies to claim the same expenses, losses, or receipts duplicate times or multiple times ... or the same appreciation, deductions, claims, or extra interest .. or any claims of losses to income you never got,.. it is all considered FRAUD, PLAIN AND SIMPLE!.

Also: ALL LOSSES AND DEDUCTIONS CAN ONLY BE CLAIMED AGAINST ACTUAL EARNED INCOME .. THERE IS NO MAGIC FAIRY IMAGINARY MONEY THAT 'COULD HAVE EXISTED' SCENARIOS BULLS$ITS. Otherwise I could just bill myself for a million dollars every year (or convolute it thru multiple companies like in your twisted fradulent-stricken statements) and claim it all as a massive loss and never pay taxes again ... EVER!.

I am not about to make an entire website dedicated to answering and explaining all the absolutely ill-informed statements and twisted questions you have asked on here ... taxes related to business and trucking are pretty damned straight forward... and not all the convoluted garbage your touting. If your truly that clueless, twisted, and confused, then you need professional help from a professional tax and business finance person.. not me or my website.

Keep it up and you will get kicked off here for trolling... because it appears to be just that at this point. I already answered you as best anyone can without writing a book on all the hundreds of things wrong with your words so far. Go back and study what I already said ... Otherwise take your questions somewhere else ... maybe over on the brainwashing machine called social medai, where there are plenty of other disillusion individuals willing to placate your twisted fantasy logic.