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Company vehicle title transfer

Posted on 2/9/23 at 8:36 am
Posted by coverboy
Morgan City
Member since Sep 2005
409 posts
Posted on 2/9/23 at 8:36 am
I bought a truck in 2021 and put it our company name because the vehicle I traded in was in the company name. What's the cheapest and easiest way to get it put in my name? My accountant has suggested a corporate resolution donating it to me, but then I'll have to pay taxes on the value at the time I go to the DMV which I don't want to have to do. Any other options?
Posted by Tshiz
Idaho
Member since Jul 2013
7974 posts
Posted on 2/9/23 at 8:37 am to
They can’t gift it to you?
Posted by coverboy
Morgan City
Member since Sep 2005
409 posts
Posted on 2/9/23 at 8:45 am to
That's what I was thinking, but I think Louisiana still wants me to pay taxes when I get it registered with the state. Why can't the company sell it to me for $1? Seems like I've heard of people doing such a thing.
Posted by mikehansen11
Member since Jul 2015
5 posts
Posted on 2/9/23 at 9:52 am to
They’re not going to charge sales tax if it’s a donation.
Posted by mikehansen11
Member since Jul 2015
5 posts
Posted on 2/9/23 at 10:01 am to
Vehicle titled in the name of a corporation can be transferred to an individual by
submitting proof the vehicle has been fully depreciated off the books of the corporation provided one of the following documents is submitted:
? Photocopy of the ledger sheet indicating a zero balance.
? Copy of the minutes of the Board of Directors’ meeting specifically authorizing the donation and stating that the vehicle has been fully
depreciated.
? Each document should include the VIN, make, and year of the subject
vehicle OR adequate information to sustain verification that subject vehicle
is the specific vehicle in question.
o A sole owner of a corporation can donate (See Section IV, Policy/Procedure
Statement #52.0) a vehicle titled in the name of the corporation provided these documents are submitted:
? A copy of the minutes of the Board of Directors’ meeting authorizing the donation.
? An act of donation, which includes the VIN, make, and year of vehicle, executed by the sole owner of the corporation before a notary
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