Sole proprietor with company car. Wants to gift car to son. What are the procedures?

Discussion in 'Growing and Managing a Business' started by emkittel, Nov 14, 2011.

  1. emkittel

    emkittel
    uix_expand uix_collapse
    New Member

    Joined:
    Nov 14, 2011
    Messages:
    1
    Likes Received:
    0
    Hi, I am new to the forum and have been trying to find an answer to my question for awhile now. I am a sole proprietor who purchased a Ford Explorer back in 1999. It is fully paid for and depreciated. Now, I want to gift it to my son who will be turning 16. I want to take the car off the company books. I plan to use the milage deduction into the future driving my other car.

    1) Can I do this and what would be the tax ramifications if any?
    2) What are the proper procedures for doing this?

    Thanks in advance for any help!
     
  2. sigma

    sigma
    uix_expand uix_collapse
    Active Member

    Joined:
    Aug 31, 2009
    Messages:
    1,944
    Likes Received:
    283
    As I know that sole pay tax according to the total income which is same as employee, it is different as com ltd. However, I will suggest you check with those account auditor from your country to double confirm on this, not sure whether different country run in different way
     

Share This Page