How To Sell a Used Company Car
Do you own your own business? Do you have a fleet of vehicles that you want to sell? You may have asked – can you sell a used company car, truck or SUV for your business? Yes – you can – and we can help at The Car Depot in Birmingham, AL. Learn how to sell a used company car with a quick overview created by our team here at The Car Depot.
What Do You Need to Do to Sell a Company Car?
We want to buy your car at The Car Depot – and that includes used company cars, trucks and SUVs. Work vehicles used for business tend to be very well maintained and we are prepared to pay you a great price for a high-quality used vehicle. When you choose to sell a company car – whether you are the owner or a representative of the business – there are a few things you will need to complete the sale. Here is a quick look at what you need to sell a company car at The Car Depot.
- Proof of Ownership or Employment at the Business
- Authorization to Sell – If You Are an Employee
- Valid Driver’s License
- Bill of Sale
- Vehicle Maintenance and Service Records
- Vehicle Title
- Vehicle Owner’s Manual and Documents
- Remove License Plates
- Cancel Insurance
Do You Need to Claim a Sold Company Car on Your Taxes?
Yes – you need to report a sold business vehicle on your federal tax return. When you sell your own car, truck or SUV, you do not need to report the sale to the IRS unless you make a profit – it is a bit different when you are a business owner and it is a work vehicle.
When you sell a company car as a business owner, you will need to complete IRS Form 4797 for the Sales of Business Property. You will have to calculate the tax adjusted tax basis for the company vehicle – which is defined as the value of the vehicle after depreciation. If you sell the vehicle for a profit, you will have to pay a tax gain on the vehicle, which is subject to an estimated 15% capital gain tax. Deductions you can consider with the sale of the vehicle include commissions paid to brokers, advertising costs, fuel costs and additional expenses.
READ MORE: How Much Is Your Car Worth at The Car Depot?
Do you need to sell a company car, truck or SUV? Here is a quick look at how to sell a company car created by The Car Depot in Birmingham, AL. Contact The Car Depot team today to find out how to get the best price for your vehicle!