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Bill of sale and Title

Discussion in 'Trucker Taxes and Truck Financing' started by Xe18, Sep 9, 2023.

  1. Sep 9, 2023 #1
    Xe18

    Xe18 Bobtail Member

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    Sep 9, 2023
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    I’m going to buy a truck outright from the company. Should I put my LLC under bill of sale and the truck title ? I’m new to the OO. Thanks
     
    Xe18, Sep 9, 2023
    Xe18, Sep 9, 2023
    #1
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  3. Sep 9, 2023 #2
    xsetra

    xsetra Road Train Member

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    That question is best answered by your tax accountant.

    For liability exposure, it doesn't matter, if you are the driver and owner.

    Tax liability it might make a difference. Company can depreciate against income before taxed. In your name, truck depreciation comes after taxed company income.
    Within the LLC and personal tax structure, the income follows thru to the personal income. So it may not make a difference using Federal tax code. Your state income tax may be a little different.

    Good luck.
     
    xsetra, Sep 9, 2023
    xsetra, Sep 9, 2023
    #2
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