Pretty much how I do it too. I want the real estate assets in their own
company.
I cannot remember the last time I personally owned a vehicle. Or really
anything else.
My wife owns more than 50% of the going concern so it is a Women Owned Small
Business WOSB.
She takes pay, I don’t. By my reading of the rules I think she may be able to
claim economically disadvantaged too. We are working on that.
Sometimes my companies are slow to pay their lease payments to me which is OK
as long as I can pay my property tax.
I have a CPA firm handle all my important stuff. Internally my wife and a part
time bookkeeper does the rest.
From: Lewis Bergman
Sent: Saturday, September 28, 2019 8:43 AM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] Auto Business Loan
I guess I would take a step back from the entire thought process for a minute.
What is it you are trying to accomplish by starting to move assets into the
company? How is the company setup? Is it a pass through S Corp LLC or C Corp?
Consider that you pay taxes on any personal property you move into the company.
At least in every state I have done business in the past you have to file a
rendition and claim any personal property the business owns.
Are you trying to build the BS to sell? If so, most often the BS doesn't count
for much, top line revenue is king there followed by EBIDTA and Net profit.
Having said that, I typically have my companies own things that depreciate,
like vehicles, and I own things that appreciate, like real estate. Businesses
can deduct depreciation on all assets except for land while persons cannot
except as a business expense. My companies don't own the real estate they
operate in, they lease it from me.
Maybe you want to accurately reflect the entity that uses the asset the most.
Whatever the case, an accountant, and I mean a CPA, not a bookkeeper, is worth
the money. I always ask a new accountant a couple of questions.
1.. How black and white is the tax code?
2.. How close to the black do you like to be?
To each his own.
On Fri, Sep 27, 2019 at 7:45 PM Sterling Jacobson <sterl...@avative.net> wrote:
Yes, I guess that is what I’m getting at.
So my next question is, how hard is it to get a commercial car loan for the
first time?
From: AF <af-boun...@af.afmug.com> On Behalf Of Chuck McCown
Sent: Friday, September 27, 2019 6:29 PM
To: AnimalFarm Microwave Users Group <af@af.afmug.com>
Subject: Re: [AFMUG] Auto Business Loan
Just sell it. Get the commercial loan in place and just buy it from
yourself. Obviously you will have to pay more than what is owed.
Sent from my iPhone
On Sep 27, 2019, at 6:06 PM, Sterling Jacobson <sterl...@avative.net> wrote:
I have a personal F150 truck that I want to refinance into my company.
Is that possible?
I carry the loan through a local credit union.
But I would like to start having some asset tangible on the company account.
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