Limited gift and estate tax questions. How would his buddy show that the payments made in his name are not income? AnswerPamela,He has no direct evidence to show that. However, it would be much cleaner if the friend wrote his own check to pay the credit union. Hope this helps. John Stancil, CPA Add to this Answer Ask Question Rate this Answer Was this answer helpful?
How would his buddy show that the payments made in his name are not income? AnswerPamela,He has no direct evidence to show that. Does he depreciate the truck and deduct the interest on the lease payments. Hope this helps. John Stancil, CPA Add to this Answer Ask Question Rate this Answer Was this answer helpful?
have maintained part time tax practice for over years. How would his buddy show that the payments made in his name are not income? AnswerPamela,He has no direct evidence to show that.
Kentucky state income tax also. However, it would be much cleaner if the friend wrote his own check to pay the credit union. Hope this helps. John Stancil, CPA Add to this Answer Ask Question Rate this Answer Was this answer helpful? Not at 12345 You are here Experts > Business > Corporate Law > Tax Law Questions About TaxesExpert John Stancil, CPADate 12292007Subject Truck driver lease purchase of semi tractorQuestionQUESTION My husband has semi tractor lease purchase agreement with his friend who acquired the financing because he was unable to.
Does he depreciate the truck and deduct the interest on the lease payments. Hope this helps. John Stancil, CPA Add to this Answer Ask Question Rate this Answer Was this answer helpful? Not at 12345 . teach tax and accounting at small churchrelated college. have maintained part time tax practice for over years. am member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants. ExperienceI hold doctorate in Accounting, and four professional certifications CPA, CMA, CFM, and CIA. I presume there is written agreement between your husband and his friend.
I presume there is written agreement between your husband and his friend. How would his buddy show that the payments made in his name are not income? AnswerPamela,He has no direct evidence to show that.