I’m sure there is some problem here…but I was wondering if I can sell my wife’s car into our LLC?
Its paid off, and logging milage is getting old. I’d sooner have the entire thing in the LLC if possible.
Second question:
Is there any reason that logging is better than owning?
I faintly recall someone saying that insurance is sky-high when owned by a business (vs. personal coverage). You may want to check it out first.
can your business pay for all of it - maintenance etc.?
and by “logging” you mean - like logging mileage etc.?
If you have an LLC you can have your company reimburse you for all your personal car expenses as an employee of the company.
you can sell the car to the LLC, but since vehicles are “listed items” (meaning they’re on the IRS “list” of abuse items) you will still need to keep accurate records. Personal mileage on a business vehicle is considered income to you personally. you will need a written expense and mileage program, good records and consistent application of the rules.
nothing is ever free.