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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 ?

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Attorney answers 3

Best Answer

For the tax implications, you should talk to your accountant.
Yes, you can lease the cars to your company. You do not need a leasing license.
Just make sure you have a good leasing agreement.


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.

Mr. Crosner is licensed to practice law in California and has been practicing law in California since 1978. The response herein is general legal and business analysis.. It is not intended nor construed to be "legal advice" but rather it is analysis, and different lawyers may analyze this matter differently, especially if there are additional facts not reflected in the question. Oftentimes the question does not include significant and important facts and timelines that, if known, could significantly change the reply and make it unsuitable. I am not your attorney until retained by a written retainer agreement signed by both of us. See also terms and conditions item 9, incorporated as if it was reprinted here.


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.