Help Needed Selling Truck and Trailer please

now my friend i hate to see you sell your truck but onnly you no your circumstance . but if you have to sell i would stay away from a dealer your sure to lose money. i think in todays market i would go with truck paper a lot of drivers read it and trucks move on it , that is probably your best bet. good luck. southernpride

 

you dont need to worry about sales tax, that's 100% on the buyer to deal with...and they'll pay for it when they go to get the title transferred....

 

Not having the business name on the title shouldn't be a problem as far as selling the truck. For tax purposes you might run into a problem if you are a corporation ar an LLC. As a partnership or sole proprietorship I don't see a problem but, talk to an attorney or CPA first.


Now .... as long as there is a paper trail regarding the money you shouldn't have a problem using it as a tax deduction either. You could also sell the truck and take the money into your personal account and then transfer it to your business account an pay the mechanic from there.


Now if you really want to get intricate you could sell the truck to your business and then sell the truck to a new buyer and deposit the money into the business account and pay the mechanic.

BTW - I used to have a business and the bank would let me deposit personal checks into the business account all of the time and the IRS didn't seem to mind as long as all of the money was accounted for.

****** if you're really worried about it see a CPA or attorney for the best route to take****


my 2 cents

............ Jim

 

1st - verify everything with a CPA or tax attorney that is familiar with the law in your state.

Now that I've gotten that out of the way....... My wife and I owned a small business for many years and we never had a problem depositing personal funds into the business account. Just kept good records and turned everything over to the CPA at tax time.

Our banks only restriction on depositing was that the check was made out to one of us as we were both listed on the account... your bank may have a different policy.

As for being a sole propretor ..... you are the business and the business is you. So there aren't really any conflicts with the money and it's source - as long as you keep good records.

I'm not a CPA or an attorney .... but, I really don't see any issues here. Just sell it document the money and pay the mechanic what you owe him and, be done with it.

jmho

.......... Jim

 

You should deposit the money into the business checking just like you do for all transactions. This shows separation for IRS of the business from the personal account.

Since you are a sole proprietor, you can withdraw funds from the account with no problem.

 

Do you have an accountant in the first place?

Since you are a sole proprietor, it really makes no difference. The truck is a business asset and the proceeds from it will be removed from the income the business had and then reflected on the personal return under section 1245.

If you do not have an accountant and are asking these questions now, I feel sorry for you.

The accountant/tax preparer should be involved.