How to Place Your Vehicle in Your LLC (2024)

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Chapters:
0:00 Intro
0:37 Transferring a Personal Vehicle to Your LLC
3:12 Buying a Vehicle with Your LLC
5:52 Insurance
6:25 Benefits of Placing Your Vehicle Under Your LLC
8:46 Outro
Putting your vehicle under your LLC can be highly beneficial for a number of reasons. However, many people have no idea how to actually go about doing this. It is possible to put your vehicle under your LLC whether you bought it in your personal name, or whether you want to buy a new vehicle and put it directly under your business.
In this video, tax expert Karlton Dennis walks you through the process of transferring the title of a vehicle you already own to your LLC and buying a new vehicle through your business. He also explains all of the benefits of putting your vehicle under your business as opposed to owning it under your personal name.
Considering the fact that millions of LLC owners either already own a vehicle under their personal names or need to use a vehicle for business purposes, this video is extremely relevant for business owners. If you want to learn how to place a vehicle under your LLC to capitalize on all of the advantages of doing so, then this video is a must-watch.
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#businessvehicle #llc #taxplanning

[@karltondennis]

Don’t forget to check out my ebook, _The Short-Term Rental Rule: How to Reduce Taxes Like the 1 Percent!_ ebook.taxalchemy.online/ebook

[@williamtudyjr6665]

This advice is “low key” how the rich stay rich and protect their assets. Working class people think their car is an asset. They dont understand depreciation. Youre doing Great work. Much appreciated 💯

[@occ6018]

It’s like you sense people’s thoughts. Ur always spot on when a question pops up in my head. Thank you!

[@cathy41875]

Navy Fed requires that you must be in business for at least one year. The minimum value of the car to purchase must be $53k and you must put down 25% down.

[@SigningWithOmar]

Good to know Thanks 😊

[@cylvaniaallen4498]

What about if you already have an auto loan with Navy and you just want to transfer.

[@miner4life628]

@@cylvaniaallen4498the car loan must be $40k or higher

[@miner4life628]

@@cylvaniaallen4498have another bank buy it from Navy Fed and put it under your business name

[@maamateescookincatering4790]

Thank you I recently found out that I can’t put catering signs on my van because the insurance is personal vehicle insurance NOW I’m well informed as to what steps I need to take

[@RiverBottomWarrior]

Clear, Concise, thanks for this Boss. Happy to have you creating content for us seeking this type of knowledge.

[@WRxJb]

Great advice, keep it up, looking forward to being a CPA Sharing education is one of the greatest fulfillments!

[@Travelingchefmark]

Brilliant thank you so much, about to do this and didn’t have a clue. Appreciate you sharing !

[@royalistkellyjones5560]

Thank you , soooooo much. Very very detailed. I love how you are precise and take us step❤ by step

[@pushinp4415]

Make a video about how to start an LLC as a stock/forex/crypto trader if you planning on doing it full time or if you still got a 9-5 and trading on the side. Also how the IRS classifies trading and investing into shares different for people who do both. Also about tax write offs for the business. Thank You 🙏

[@LEOZQUEEN3]

You are the GOAT!!!!!!!!!

[@hedgefund996]

Good Educational Content

[@Calvin7237]

Excellent information 💯

[@controlsaibot9178]

This is absolutely wonderful information, great upload. I am so happy. It was a real person and not a stupid AI talking my POV.

[@degreaseLLC]

Perfect timing! I know this was a month ago, but this question has been on my mind relentlessly. I just purchased my first company vehicle and I have no clue how to transfer it into my l l c

[@ruframos-qf7gx]

wowowona, impress, great information, will follow advise, will do so asap....keep up with these great information.......

[@SigningWithOmar]

Thank you thank you thank you You’re Awesome…I’ve been wanting to know how to put a vehicle under a business… Thanks for explaining the process in such a user friendly way 😊👏🏽👏🏽👏🏽👏🏽

[@Vibetribe8]

Thank you for the insights 🙏 stay blessed

[@Raf.Velasco]

Would you be able to do a video on how to properly structure a Turo car sharing business and the write offs you’ll be able to deduct? 🙏🏼

[@user-jb2xx7hv1z]

Thanks! Great Video!

[@quicksilver984]

Thank you sir

[@valerief911]

Thx Karlton!

[@hiddenspringshappenings3945]

Love it. We do this.

[@willdouglas1300]

Great videos! I'm learning a lot.

[@damonicajones4396]

Thank you!

[@user-cv3nh4wr8c]

I think it’s a great idea to place your vehicle under there LLC for all the reasons you just mentioned.

[@RJ1Reed]

This creates a taxable event called sales tax and I haven’t seen a lender that will allow that because they charge a higher interest rate for corp vehicles. This only works when purchasing otherwise it makes no economical sense.

[@bngr_bngr]

I’ve seen people get car dealer license then create an LLC to put all their cars in that LLC.

[@basimahknowshow]

I love your voice! I see your mom videos all the time. She said she was your mother abd she sell tax ahd budiness info just like you do. So i asked her "r u related to karlton dennis?" She said "yes, thats my son!" How cute n thanks for your wonderful brain!

[@sicilianocamiliano222]

many of these voice are created using AI😢

[@basimahknowshow]

@@sicilianocamiliano222 not his voice it’s actually his own voice as you can see

[@doug437]

Can you do a video on what is the best way to deduct a vehicle purchase in 2024? Bonus depreciation is only 60% in 2024, does it make more sense to purchase the vehicle in one LLC and lease to a 2nd LLC to write off the lease?

[@WalkLikeUs]

Great Video

[@alliealba8806]

Thank you for yet another great video! I was previously told that a business owner (specifically an LLC) could just add their personal vehicle to their Operating Agreement as a contribution rather than changing to the title and such into the business's name. Can you give me your professional opinion on that please?

[@donaldbaughn6275]

It is a great idea to do just that.

[@rogersrealestategroup]

Do you have a CPA that you can refer? I have been watching your videos lately, and they are pure gold! I brought your ideas and strategies to my CPA and it is way over his head.

[@1986nfa]

Excellent Video, can you do one for why you may not want to put a vehicle in an LLC? A few things come to mind, some central appraisal districts charge a tax on BPP (Business Personal Property) and then income inclusion for a taxable fringe benefit for personal usage and the complexities that come along with that. There are probably others but that is all I could think of off the top of my head.

[@matthewbickel3853]

Carlton, can you do a video about airplane ownership and LLCs? Can buying a plane to do flight training be deductible?

[@mymonthlytravels4679]

What about leasing a vehicle under your LLC?

[@marvinbrando722]

That's straight forward

[@bradleykeys987]

Love your content. Thanks for sharing. Question. If my LLC purchased and owns a vehicle and does a 100% deduction that year, who pays the loan on the vehicle? If the company pays the loan payments, what account is it considered? An expense? Or Other Liability? Or equity in QuickBooks? Thanks

[@4mrevans]

Thank you for this.I have just started my l.L c and i'm trying to figure out how to get vehicles and insurance

[@Midwestplayers]

I personally am only interested in the deduction that come with using my vehicle for work .. I’m not interested in going through the process of transferring it to my LLC especially since I don’t own it out right yet. Do you have a video for business vehicles deductions not owned under the LLC ??

[@jnenski361]

Hopefully, I will be doing so…

[@alliealba8806]

Also, do you have any videos about the Tesla credit or any benefits to business owners who own a Tesla? Thanks!

[@IamamessKeith]

Does this work in the same unison if wanting to place the items in a trust ?

[@kevinmartinez8109]

I think you can transfer Title Subject to the existing loan in place, right? It can be done through RE

[@DJSTREETS365]

Question: what about rental cars , flights , hotels for biz trips?

[@ricardotortolero7823]

Good video!!! I have a question, If I buy a vehicle in Copart using my LLC do I have to pay taxes for it?? or I need to fill up a Sales Tax Certificate of Exemption??

[@sheppardecd]

What about car insurance under the LLC or Living Trust?

[@tigrayfirst2261]

I'm a taxi driver and I need to buy a newer car because the one I have is getting old, do you think I will get a tax deductible if I use my llc to buy the newer car like 2020 to 2022 but I will buy the car with cash. No financing. Thanks for this video. 🙂

[@AdammJarvis]

I have a curveball.. I am currently a sole proprietor and use my truck for my business. It's a spare vehicle I use for camping but otherwise sits. I create products that sell well for it. However this is a $680/month payment that I'd like to depreciate for tax benefits. The vehicle sits parked. I use it to design and create products for that platform. Zero mileage benefits for me in this case as it sits for months at a time. Currently truck is 3 years old, 25k miles. About 20k are pulling our camper for personal use over the last 35 months. Everywhere I've looked is based on mileage. But haven't found anything about actually buying a vehicle for business use. Thoughts?

[@Kev95140]

Would I be able to build business credit if I transfer the loan in to the LLC and pay the loan monthly under the LLC ?

[@armandsavoia9394]

So from what u have said I can register a vehicle w/o my personal name because the vehicle is under a business did I get that right

[@jimmyhernandez1016]

Can you put your vehicle if you are a 1098 employee or onlt if its lease

[@thomasr2434]

If the vehicle goes in to your llc how does the insurance for the vehicle go?

[@Samikjr1]

Do I need to have my vehicle under a commercial insurance policy to transfer a title to my LLC for a car I just purchased. I live in Texas. I am hoping to just use my personal insurance.

[@atobakari]

I can't find the bill of sale but I have everything else. Can I still do this in nJ

[@elyon9329]

That’s only if you register it! Research: Register!

[@JW-tk1sr]

In many cases this creates more expenses then it saves. Example if you put the vehicle in a S corp and you also use it for commuting or personal miles then you have to pay taxes on that personal usage. Commercial car insurance is usually higher then personal. You have to pay sales tax on the title transfer. Unless the vehicle is 100% business and you have other employees using it, this doesn't make much sense.

[@ultraret]

Yup, agreed this is totally a dumb video not to mention that LLC assets are at risk as the owner of the vehicle if in any accident.

[@TH3SWAMP]

If I own a business out of state say Georgia but have a drivers license in another state say Florida can I register my car in my Georgia business name with Georgia plates ?

[@yooo2568]

I need help! I started a detailing business. I’ve seen previous were you said you shouldn’t start a LLC until you have 45K in income. Is this still true?

[@mike19111]

Wow sorry I did not see this video befor....I have sale my truck under my name to my business also under my name ( a sole proprietary LLC ) I have put the minimum amount $200 since I already paid for my vehicle in full and make the sale. 3 weeks later I get letter from sales tax division of PA stating that I have to pay over $2200 on sales tax on grounsd that my vehicle is worth $29000 . I hope other people see this video befor they make my mistake..Any way I can get out of paying the sales tax ???

[@Creditkae]

Good info but you will not get a title to your vehicle under your LLC if the loan is not paid off

[@john4808]

He addresses this at 2:36 mark of video

[@qtse]

What are the benefits of having my LLC owning my car?

[@sheriwahinekapu7033]

Can ipurchase my Business vehicle thru my Trust?

[@noahgamble7783]

Can you still put your vehicle under your LLC if you have co signed with a parent?

[@AdventureBoundRentals]

You can only transfer a title unless the vehicle is paid off and you have a clear title..

[@truckersreport1559]

The commercial insurance u will pay will have u running back to personal

[@andrejreed8802]

In Texas, we would need to pay an annual property tax based on the value of the car if its a business asset. No tax on it as a personal asset. That's a deal breaker here.

[@ultraret]

This bad ideal most of the time for normal passenger vehicles that are used for both personal and business use, there is no decreased liability protection b/c guess what your LLC is not gonna be driving it when u get in accident it will be a person (you as the driver) and now they will go after the driver personally and the owner which is the LLC. Put the car in a Personal Vehicle Trust for some better liability protection without risking your operating LLC assets.

[@takodashabbael8794]

I would never do that. Putting your automobile under the LLC is not a good idea.

[@Tonysosa570]

Why people think it’s sooo hard to put your car in your LLC. For the folks that kinda don’t know, you do. Same way you put your car in your name, is the same way put your car in your LLC. Not sure on all states, but mostly go to a notary, transfer the title over. Provide proof of insurance boom, your done.

[@kennethwright5157]

My brother knocks it out the park again.

[@Thecrowmotorsports]

🏎️🔥🔥

[@sc7100]

How you start a LLC?

[@paystyles5429]

Commercial insurance 4x higher

[@takodashabbael8794]

I would never do that. Putting your automobile under the LLC is not a good idea.

[@johnnynguyen4888]

Insurance sky rocket

[@Alex7zest]

What happens if you LLC gets sued

[@jayham9529]

Can you place your Lease vehicle under your LLC?

[@meshark_t]

I just saw a video that is not good idea to put vehicle on llc.

[@emmanuelmorales9402]

Can I sell my paid off personal vehicle to my LLC in order to use the purchase as an expense instead of a transfer?

[@kellytolbert9586]

Great question

[@DNukinFutz]

Doing this opens you up to liability. If you hit someone in that LLC vehicle, they take the vehicle AND what’s under the LLC. If you have another vehicle under it, they can sue to get that too. Plus the LLC bank account. I don’t recommend doing this.

[@WeldonRoofing]

First Step...Own your vehicle and have the title Second Step... Change ownership at the DMV

[@redsgarden5821]

Cybertruck here I come

[@BlackWatch411]

So now you have a commercial vehicle, and commercial insurance is more expensive than personal insurance 🤷🏿🤷🏿

[@kewan2045]

Business write offs should offset the difference

[@gunnerelliott6737]

And if you are a single member LLC then it's still just you on the insurance policy as listed driver... if you have multiple people driving it then yes it would be more.

[@BlackWatch411]

@@gunnerelliott6737 your rate will still be higher.

[@nicksaban2178]

If it’s your personal vehicle, you can only deduct the business use portion of vehicle. If you are doing it to hide assets in a LLC, there are ways to pierce that corporate veil. Stop putting out bad information.

[@BlindBiker3]

It’s very evil, but the government owns the cars with the certificate of origin, we need to do with department of motor vehicles, THEY ARE EVIL.

[@Dutchess80]

Great info but why does your voice-over sound fake AF, robotic even?

[@Cogzed]

*Bro, your website has been hit with malware!*

[@JamesLindsey-zn5sm]

How so?

[@takodashabbael8794]

I would never do that. Putting your automobile under the LLC is not a good idea.

[@margabbys1]

Why not?

[@MrAncientAstronaut]

Isn't the point of an llc to protect your assets? Now they can come after your car. You can already write your car off as a deduction without an llc

[@user-ic6kq4vt9t]

KD. This is silly. As you state, the deductibility of the business use of vehicle is NOT dependent on the title/ownership being within the LLC. Taking the time to do a transfer is mental masterb@tion....just a waste of time....but this is a good clickbait video!!

[@Player-oz2nk]

Privacy concerns are legit tho

[@deanscarlett8073]

He didn't mention but another benefit is this moves the financing to your business and it now no longer shows under your personal credit report.

[@davidater9]

Bingo!

[@dominichannah75]

So is he right or wrong?

[@user-ic6kq4vt9t]

@@dominichannah75 The taxation/deductibility of a vehicles business use is NOT dependent on ownership. If you are SELF EMPLOYED and can substantiate business use of your vehicle, it is deductible whether inside an LLC or part of your Schedule C. I think many folks misinterpret IG advice and believe simply put "personal assets" inside an LLC and that magically makes them business assets and deductible. KD knows his stuff but imo misleads people to attract new clients/get clicks - find a qualified tax advisor

[@shannonwadley2252]

If you have a lienholder on the title you're shit out of luck. Also don't go into a dealership with a 400 credit score wanting to buy a Hellcat with your LLC . You won't have any business credit and your 499 credit score will follow you with your bullshit LLC.