Can i lease a limo we own outright to our limo company.
Garden Grove, CA |
We are in orange county Calif . i have borrowed to buy 2 cars and hold the title . Would it be cleaner tax wise to lease them to our company . If i can do that do i need a dealers license in Calif for that ?
I would recommend that you search for a good tax attorney near your local area there in Garden Grove. I will change the Practice Area to include tax attorney which should help to get some responses from tax attorneys. I would also suggest that you look at "Find an attorney" at the beginning of Avvo and type in "tax attorney" and "Garden Grove" for the city. You can then check out whoever appears as having that background. Best of luck.
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You can do this. However, make sure it is at fair market value. Such transactions are heavily scrutinized by the IRS. Anything but fair market value will be deemed an arm's length transaction and the benefits will be taken back.