Lease from Spouse?

[jj214]

Can my spouse form a corp. designed to lease equip, then turn around and lease the vehicle to me. She can deduct her business expenses etc. I can deduct my business expenses etc. Sounds to good to be true. Is it?

 

[layoutshooter]

I don't know how it works in trucking or if things are different than they were in the mid-70's but I used to workd for a company in Detroit that did EXACTLY that. The company was Detroit Ball Bearing. It was a family owned business. The same family owned the real estate company that leased all the buildings to the bearing company. The same family owned the transportation company that leased the trucks to them. I have NO idea how it works for us. Interesting idea.

 

[pjjjjj]

Is the vehicle paid for?
The vehicle would have to be in the corporation's name.
The corporation would have to claim the lease payments as income.
Would the corporation have many expenses to offset the income?

 

[greg334]

Talk to your lawyer.

 

[chefdennis]

i own my own leasing company and do what you are asking about. but there is more to it then starting a corp. as greg said yalk to your lwayer and accountant....

 

[chefdennis]

i own my own leasing company and do what you are asking about. but there is more to it then starting a corp. as greg said yalk to your lawyer and accountant....