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If I want to convert a business lease vehicle to personal use do I need to re-register the vehicle in my name? Any other tax implications?

 
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1 Reply
MarilynG
Expert Alumni

If I want to convert a business lease vehicle to personal use do I need to re-register the vehicle in my name? Any other tax implications?

If you have been claiming Vehicle Expenses in your Business, you need to Edit that section and indicate that you 'stopped using the vehicle for business' and enter the date.

There are usually no tax implications, as the Sales Price is $0 if you converted the Vehicle to 100% personal use.

How the registration should be handled would be a question for the DMV.

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