Q: I am lease purchasing a truck from Lone Mountain Truck Leasing in Iowa. I will then lease onto a carrier based in FL
They will register the truck in their name with the Florida DMV and the truck will use their plates and stickers. The title of the truck will be in Lone Mountains name with their bank as lien holder. I will have power of attorney until the truck is paid off in 5 years. The problem is that Lone Mountain states they have to add Florida sales tax to my lease even though the truck will be registered in the carriers name. I reside in Virginia and eventually that will be where the truck will be titled. So do I have to pay Florida sales tax, in my name, when it’s the carriers name that will be on the registration?
Thank you
A: Unfortunately there are many variables here. The general rule is that if the vehicle will not be operated in Florida, they should not have to add sales tax. Call me for a free evaluation www.lawyercpa.com.
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