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Paul, J.D.
Paul, J.D., DMV - Legal-expert
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My wife and I have two cars owned by a company we jointly

Customer Question

My wife and I have two cars owned by a company we jointly own.
We want to transfer the titles to each of us individually as personal vehicles.
How do we avoid this becoming a taxable event?
Thanks
Submitted: 11 months ago.
Category: DMV - Legal
Expert:  Paul, J.D. replied 11 months ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

What state is this in, because the sad reality is a transfer from a company to an individual is a taxable event in most states? Although, you may be able to minimize the taxes.

Customer: replied 11 months ago.

florida

Expert:  Paul, J.D. replied 11 months ago.

Thank you for your reply.

Your company can give the car to you and your wife as a gift or donation. As corporate officers you fill out a bill of sale from the company to you as owners. You fill out an affidavit that the vehicle is given to each owner as a gift from their company. Then each of you write your own affidavit personally that you are accepting the gift of the vehicle from the company. This would avoid any sales tax on the transfer. Although, there would still be transfer fees to transfer the title and license plate to your name.