Leasing a Truck from my Boss
by Mark Gonz
(Fresno, CA, USA)
So recently I signed a lease to own deal with my boss to take over one of the trucks. However, due to poor credit and lack of funds, we did not attempt to finance the truck from the dealer. So we came to a contract that I would pay the truck every month but everything would still be under his name and when the truck was paid off I would receive the pink slip as owner.
This was stated in the contract. However, my question is if is legal for me to operate the truck under his name as well as the permits, and how can I report my income to the IRS if the truck is not under my name?