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Question by peteepablo: TX-How would I go about transferring a personal vehicle to my corporation, is this a smart move?
I have a truck that is my personal vehicle. I am creating a sub Ch. S corporation & am considering transferring my vehicle to the corp. The vehicle would be used for bus. purposes. Also possibly blocking myselft from monetary liability & possibly as a write off/Insurance benefit. I am still making payments on the vehicle. Is this a worthwile move? Any tips to facilitate the transfer?

Best answer:

Answer by jwishz
You can easily transfer the title by taking it to the motor vehicle department. Accounting for it you should debit (increase) the asset account “autos & trucks” and credit “shareholder equity” for the contributed asset.
The corporation can take depreciation expense. But beware, the insurance on a company owned vehicle is higher than a personally owned vehicle.

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