A family member is having difficulty getting credit from the bank and has asked me to help him get a van and some specialist equipment he needs for his business. I was thinking getting a lease agreement set up to set out interest, repayment terms etc.... to keep it official.
What I want to know is can I claim the cost of the van and equipment against the income I'll get? The van will have to be in his name for insurance etc... does this matter?
Thanks,
Gold
What I want to know is can I claim the cost of the van and equipment against the income I'll get? The van will have to be in his name for insurance etc... does this matter?
Thanks,
Gold