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Can I sell property to my partnership?

Asked Dec 28, 2011, 11:25 AM — 3 Answers
I have a partnership with another man to install flooring. We both have identical Vans which we personally own and use exclusively in our business. Can the partnership purchase the vans from us and take a deduction for the ecpense as they would if they bought the vans from a dealer?

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JudyKayTee's Avatar
JudyKayTee Posts: 45,310, Reputation: 23499
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#2

Dec 28, 2011, 11:50 AM
What kind of partnership? Corporation, d/b/a?
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AK lawyer's Avatar
AK lawyer Posts: 9,913, Reputation: 4207
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#3

Dec 28, 2011, 06:47 PM
Quote:
Originally Posted by WMarlis View Post
... Can the partnership purchase the vans from us and take a deduction for the ecpense as they would if they bought the vans from a dealer?
Certainly. But check with your tax preparer. It may be that you will have to depreciate the van over several years, instead of deducting the price all at once.
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WMarlis Posts: 2, Reputation: 10
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#4

Dec 29, 2011, 11:53 AM
It is just a straight general partnership filing on form 1065. We do have a unique name we use but I don't think it is a dba, just the name of out partnership.....
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