Can I sell my car to my Company? If so, how do I go about doing that?

Question

Can I sell my car to my Company? If so, how do I go about doing that?

Answer 1

Clearly there is no way that anyone in here can answer that question there are times when it is more advantageous to have your company own the car and then there are times when it is better for you to own your car. You really need to talk to your CPA or Legal department to determine this. If you own the company then it is a matter of you going to he tax office and changing the ownership of the vehicle to reflect the company as the owner of the car. When you do this then you also need to change the insurance on the vehicle to reflect that the company is the owner of the vehicle and be prepared to see your insurance go up. In my state you would have to have commercial insurance and might also be required to have insurance to cover some one under 25 years old, this is why I tell you that you really need to talk to your CPA and find out which is most cost effective