I need to sell a bunch of trucks and trailers to myself...

Will Carter

Will Carter

Well-Known Member
Joined
Mar 23, 2005
Location
Burlington
Yeah...like it says.

I'm a member of an VA LLC which owns the trucks and trailers. My NC LLC is going to buy them all.

Am I getting ready to pay out my ass for HUT tax on my own stuff or is there an easier painless way to do this transfer.

I know they'll use their own values on the trucks but do they use their own values or bill of sale value on trailers?

Google isn't helping tonight and the DMV was too busy to take my call today.
 
what did the LLC do with these trucks on taxes? you could also be facing a capital gains tax. if you depreciated them down to nothing, you'll have to "donate" them to the new LLC or sell for a dollar to avoid cap gains tax.
 
Why not keep the Virginia LLC?

I'm sure it's a dumb question for one reason or another...
 
NC is going to want their HUT no matter what you do unless you can find out how to be exempt as explained below... (There is even an exemption for a merger of a corporation. Maybe that fits your situation?)

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This may not help and the context of what you are trying to accomplish here are important but here goes. I think, a vehicle can be sold as part of an LLC (so you sell the whole damn LLC). In that case there is no re-titling and effectively you avoid any taxes. Maybe someone will correct me if that is wrong. I can see any number of reasons that wouldn't make sense for you such as really wanting to get the hell out of VA or these being a part of a business not the whole thing but if the VA LLC was a couple partners and only had the vehicles you could take over full ownership and the titled vehicles would come along with it. You'd just need a registered agent in state to keep everything in VA. Just a thought.
 
benmack1 said:
This may not help and the context of what you are trying to accomplish here are important but here goes. I think, a vehicle can be sold as part of an LLC (so you sell the whole damn LLC). In that case there is no re-titling and effectively you avoid any taxes. Maybe someone will correct me if that is wrong. I can see any number of reasons that wouldn't make sense for you such as really wanting to get the hell out of VA or these being a part of a business not the whole thing but if the VA LLC was a couple partners and only had the vehicles you could take over full ownership and the titled vehicles would come along with it. You'd just need a registered agent in state to keep everything in VA. Just a thought.
Click to expand...

I think the key question here is, are the vehicles/trailers actually changing states and thus need new titles that match the new locale?
All the DMV cares about is that they now have new vehicles on their roads, which means they want to charge HUT to (allegedly) cover the cost of having them on the roads here. The fact that you are part of both sides of the transfer is irrelevant (to them).
 
Yeah, you need a CPA and/or a tax/corp attorney.
 
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