Leasing Car Through Business

[pigskin072]

Illinois

My company is currently leasing multiple cars. Now my son is about to turn sixteen and is on the payroll. Is it against the law (Federal or State) to lease a car for him through the company?
If anyone is able to provide adive and/or links to government websites this would be much appreciated.

Thanks
Jeff

 

[CraigFL]

I've never seen anything that says you can't lease a car to any kind of an employee. What there is, is specific rules for the maximum value of the car, company vs. personal usage and how you have to report personal usage as personal income for tax purposes.


In other words, you can't expect to lease him a Ferrari with no tax effect to him and write it off to the comapny -- those days are over...

 

[tranquility]

OP was well answered by Quincy at:
https://forum.freeadvice.com/showthread.php?t=389698