Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-14-2012, 06:39 AM
Junior Member
 
Join Date: Apr 2012
Posts: 1
Semi Truck Lease Purchase sold for profit

I leased a semi truck in 2010-2011 and am claiming the $6000 lease payments as rental in 2011. I did $1 buyout on lease and then sold it a few months later for profit. How do i claim the sale of this item? I sold it for $5500 so does that mean that I pay tax on $5499 since I bought it for $1. Please help.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-15-2012, 09:24 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,224
“ I did $1 buyout on lease and then sold it a few months later for profit. How do i claim the sale of this item? I sold it for $5500 so does that mean that I pay tax on $5499 since I bought it for $1.”---->Correct; your profit is $5499.UNLES you are a professional semi-truck lease dealer/broker, you need to report the profit on 1040 line 21, other income.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Truck jenglemn Itemized Deductions 3 11-24-2010 09:43 AM
Filing a Non-Profit or a For-Profit Federal Tax Return CondoHOA Filing Requirements 0 11-19-2009 01:54 PM
If I buy a house, sell it shortly afterwards, for a profit, and reinvest the profit.. hollowman512 Capital Gains 0 04-18-2009 03:49 PM
What is best Auto purchase or lease Option? Use our free software to assist you! TaxGuru Auto Expenses 0 03-27-2007 09:27 AM
What is better for business lease or purchase of a Car?? johncroy Sole-Proprietorship 1 02-18-2007 07:56 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning