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February 4, 2024
Question

Small Business Tax ramifications if buying a vehicle from a parent in Wisconsin?

  • February 4, 2024
  • 1 reply
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Are there any small business tax ramifications one should know of if a parent sells an adult child their personal vehicle? The adult child wants to use it for his small business (LLC). This is in Wisconsin.

1 reply

February 4, 2024

There is no problem or tax issue with buying a vehicle from a related party (your parent) to use for your business.   

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