Driveguy 207
Expert Expediter
I am considering leasing my cargo van to a contractor. How would
the Owner and the contractor claim expenses and depreciation.
the Owner and the contractor claim expenses and depreciation.
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owner,lease
- Thread starter Driveguy 207
- Start date
"owner,lease"
Nov-24-04, 11:57 AM (EST)
I am considering leasing my cargo van to a contractor. How would
the Owner and the contractor claim expenses and depreciation.
Driveguy207
Hi Driverguy207
First of all make sure you have a written contract between yourself and your contractor Specifing what each is responsible for.
You will have to add the contractor to your insurance as he will be the only one driving it, not you, with the loss payee as the bank or finance company that you purchased it from. You also will have to supply or have the contractor pay for any Occupational insurance to cover your driver, as required by the Company you are leased to. this is a sore point in Owner -sub contractor relations of who is going to pay for this. If you are not a Cooportation you do not have to supply Workmen's Comp. just Occ. Ins, that the leasing company can supply.
As far as expenses.
OWNER:
VEHICLE INTEREST ON BANK PAYMENTS, iNSURANCE, REGISTRATIONS, TAXES, (FUEL TAX) REPAIRS, MAINTENANCE, TIRES, AND DEPRECIATION ON VEHICLE.(3 YEARS DEPRECIATION WITH A 4 YEAR LIFE. MEANING IF YOU PUT THE VEHICLE IN SERVICE IN THE 2ND QUARTER OF 2005, THEN IT WOULD DEPEND ON WHAT MONTH.
EAMPLE:
IF YOU ENTER INTO SERVICE IN JUNE OF 2005,-JUNE OF 2008 LIFE AND SHOULD BE CARRIED OVER FOR THE 1ST 1/2 OF 2009
THIS IS ALL THAT THE OWNER CAN CLAIM UNLESS YOU ARE PAYING FOR EVERYTHING. AND YOU WOULD HAVE TO PROVE IT WITH THE LEASE YOU HAVE WITH HIM/HER UPON BEING AUDITED.
CONTRACTOR: all other cost relating to running the loads. FUEL, TOLLS, PLUS ALL OTHER EXPENSES THAT HE HAS RECEIPTS FOR. PERTAINING TO THE VEHICLE INQUESTION EXCEPT FOR YOUR COSTS. IF WOULD DEPEND ON THE TYPE OF UNIT ALSO IF IT IS A "b" CARGO VAN HE COULD TAKE MILEAGE, YOU CANNOT SINCE YOU ARE NOT DRIVING IT AND PAYING FOR FUEL.
iF I DID NOT ANSWER YOU QUESTION IN FULL PLEASE CONTACT ME BY RETURN MAIL [[email protected]]
Frank
Nov-24-04, 11:57 AM (EST)
I am considering leasing my cargo van to a contractor. How would
the Owner and the contractor claim expenses and depreciation.
Driveguy207
Hi Driverguy207
First of all make sure you have a written contract between yourself and your contractor Specifing what each is responsible for.
You will have to add the contractor to your insurance as he will be the only one driving it, not you, with the loss payee as the bank or finance company that you purchased it from. You also will have to supply or have the contractor pay for any Occupational insurance to cover your driver, as required by the Company you are leased to. this is a sore point in Owner -sub contractor relations of who is going to pay for this. If you are not a Cooportation you do not have to supply Workmen's Comp. just Occ. Ins, that the leasing company can supply.
As far as expenses.
OWNER:
VEHICLE INTEREST ON BANK PAYMENTS, iNSURANCE, REGISTRATIONS, TAXES, (FUEL TAX) REPAIRS, MAINTENANCE, TIRES, AND DEPRECIATION ON VEHICLE.(3 YEARS DEPRECIATION WITH A 4 YEAR LIFE. MEANING IF YOU PUT THE VEHICLE IN SERVICE IN THE 2ND QUARTER OF 2005, THEN IT WOULD DEPEND ON WHAT MONTH.
EAMPLE:
IF YOU ENTER INTO SERVICE IN JUNE OF 2005,-JUNE OF 2008 LIFE AND SHOULD BE CARRIED OVER FOR THE 1ST 1/2 OF 2009
THIS IS ALL THAT THE OWNER CAN CLAIM UNLESS YOU ARE PAYING FOR EVERYTHING. AND YOU WOULD HAVE TO PROVE IT WITH THE LEASE YOU HAVE WITH HIM/HER UPON BEING AUDITED.
CONTRACTOR: all other cost relating to running the loads. FUEL, TOLLS, PLUS ALL OTHER EXPENSES THAT HE HAS RECEIPTS FOR. PERTAINING TO THE VEHICLE INQUESTION EXCEPT FOR YOUR COSTS. IF WOULD DEPEND ON THE TYPE OF UNIT ALSO IF IT IS A "b" CARGO VAN HE COULD TAKE MILEAGE, YOU CANNOT SINCE YOU ARE NOT DRIVING IT AND PAYING FOR FUEL.
iF I DID NOT ANSWER YOU QUESTION IN FULL PLEASE CONTACT ME BY RETURN MAIL [[email protected]]
Frank
jalapenokid
Expert Expediter
Hi,
Long time since my first and last post, Is there a link that have a standart owner/driver contract form? or do I have to retain a transportation lawyer services for it? I have two drivers with no contract from me to them, and I want and need to solve this situation. Any advice will be apreciatted, still a newbie.
Regards to all,
jalapenokid
:+
Long time since my first and last post, Is there a link that have a standart owner/driver contract form? or do I have to retain a transportation lawyer services for it? I have two drivers with no contract from me to them, and I want and need to solve this situation. Any advice will be apreciatted, still a newbie.
Regards to all,
jalapenokid
:+