Are there any tax implications of transferring car title to wife if the car used to be used for my business?

ANSWER

Expert Mark Anderson's Answer:

Yes. You may need to recapture depreciation if you change from business use to personal use. You should also consult with CPA or tax attorney with all of the details because it depends upon the depreciation and your tax situation. Also, you may have a state tax liability when change the title depending upon your state.

Mark Anderson, JD

Montana

21 yrs experience

• Currently /5 Stars.
• 1
• 2
• 3
• 4
• 5

110 Ans.