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Tax.appeal.168, Accountant
Category: Finance
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Experience:  Tax Accountant
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I have a vehicle which I am personally financing. I would

Customer Question

I have a vehicle which I am personally financing. I would like to transfer ownership to my S-Corp. Is that If I am still making payments on the loan assigned to me personally?
Submitted: 2 years ago.
Category: Finance
Expert:  Tax.appeal.168 replied 2 years ago.

As long as the loan is assigned to you personally, you cannot transfer the vehicle to the S-Corp. SEE BELOW:

Company Owned Vehicle

If the company truly owns the car, then it must be titled in the company’s name. This might be a challenge with car loans and leases, but for the company to claim it as an asset and subsequent expenses the title needs to be in the LLC or S-Corp’s name. And if you buy the car yourself and then transfer it to the business, you might be on the hook for sales tax twice (technically).


Let me know if you require further assistance with this matter.