Ok here's the question guys.... I built that kenworth t450 last year and now my current employer would like to use the truck but doesn't have the money right now to buy the tractor.... I was looking around to see if I could plate it myself and do a leasing agreement with him so he could insure it under his group policy.... much cheaper than I could insure it.... here is another question.... I'm not going to be making any money off of the truck but before I can file the irs 2290 form I have to have a EIN but since I'm employed with this employer I don't want to mess up my unemployment during our off season.... Does any of this make sense? All I want to do is see my baby that I built running the road and i don't think we will put many miles on her, maybe 3000 if we are lucky...... Any help would be great, I hated accounting when I was in college LOL
If your employer is going to lease it then let him plate it. Register it with you as the lessor, and him as the lessee. He will then have to file the IRS 2290. He will insure it. Make sure a copy of the lease stating that he operates, maintaines, registers and insures the truck as part of the lease. THat also gets you out of the the liability food chain.
Right on Greg, thank you much for the reply
You dont need a 2290 unless its over 54,000 lb weight (local state only)so what I would do, is sell it to him for ?????? down and draw up a contract and you put a lien on the title. Then he can worry about a 2290 Just a little warning, doing this thing you are trying to do, usually doesnt turn out good for you. Just think, if he uses your truck, for say 12 months and makes all kind of money with it and he doesnt pay you a penny, what happens next HUMMMMM Good Luck
From, http://www.irs.gov/pub/irs-pdf/i2290.pdf Dual registration. If a taxable vehicle is registered in the name of both the owner and another person, the owner is liable for the tax. This rule also applies to dual registration of a leased vehicle.
Well my main purpose for thinking like that was because I want to build my house soon and having a lead dump trailer would be really nice for hauling in the 3000 yards of fill I need for the crater of land I have LOL.....
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