Can I sell my personal ptoperty to my corperation!

You could but you'd have to pay the taxes on two different ends. You personally as income, the company would pay sales tax on it. It would most likely have to be insured under the company policy and all the commercial vehicle laws would be applicable to it, like No radar detector etc since it's owned by the company and you are considering it a commercial vehicle and I am assuming you are going to use it for company business. You'd have to keep up with the mileage and depreciation as well. You can sell it to the company for what ever price you want, just remember if you get audited that the price should be close to fair market value or it will raise a flag with the IRS. Be sure if you sell it to the company that you claim it as income on your personal taxes because the paperwork will leave a trail back to you.

 

The answer is NO.

There are anti churning laws on the books that prohibit profit from related parties(owning the corp and yourself). But your accountant should know this.

You can transfer the asset to the corporation for the book value. No gain or loss. Then you can take a note or payment out.

This is not meant as tax advice.

 

As well as mileage and fuel.

 

Yes you would. You should document all transactions throughly and remember you cannot make a profit on anything that you buy, sell, or lease to the company.

 

Book value or your basis in the asset. You cannot profit on it.