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sdtaxnoob
April 15, 2024
Question

Question about business vehicle

  • April 15, 2024
  • 1 reply
  • 0 views

I would like to purchase a truck for a small business venture that my wife is starting.  The car will be used for business most if not all of the time.  What would be the best way to register the car?  should it be under:

  1. My wife and my name
  2. My company solely
  3. Our name and the company

1 reply

KrisD15
KrisD15
April 15, 2024

Will this be a sole-proprietorship and will you file Schedule C? 

 

I see no reason for putting it in the company's name, insurance might be higher if you do. 

You will be able to claim the same expenses regardless if in your name or the business.

 

If you convert it to personal use later, you would need to change the title if you have it in the business name. 

 

Now if this will be an S-Corp, the answer might differ. 

 

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