I am the owner of a car which I use 50% for my business (SCORP)

Can I claim depreciation on the car?

Yes, as long as certain conditions don't exempt you. You can also count other car expenses, or you can use the standard mileage deduction. (I've always found the standard deduction worked out better for me, but you need to calculate both and see what comes out better for you.) If you use actual expenses, obviously you can only count 50%.

Lots of stuff here:
Tax Topics - Topic 510 Business Use of Car (http://www.irs.gov/taxtopics/tc510.html)

Should the car be in the company's name? I own it in my name and I am the 100% shareholder

If you keep it in your name, then you personally have business use of your personal car. This means you make the payments, which are not deductible, but you get to deduct business use of it. Since you're incorporated, this makes you a separate legal entity from the company, which may mean you'd have to itemize before you can deduct it. Honestly not sure about that.

If you put it in the company's name, then you are using the company's car for personal reasons. The company would be able to deduct the interest as an expense. You'd have to count the use of it as a benefit. Turning it over to the company would also make it your equity in the company.

Which comes out better will depend on the situation. As long as you can actually deduct it, the first scenario is just plain easier to do.

You might want to check the tax forums for more details on the situation of this being a corporation, because it separates you from the company. I'm not a tax expert - but I've done contracting work and have counted my own car before, but I wasn't incorporated.

Here's the tax forum:
https://www.askmehelpdesk.com/taxes/

If you keep it in your name, then you personally have business use of your personal car. This means you make the payments, which are not deductible, but you get to deduct business use of it. Since you're incorporated, this makes you a separate legal entity from the company, which may mean you'd have to itemize before you can deduct it. Honestly not sure about that.

If you put it in the company's name, then you are using the company's car for personal reasons. The company would be able to deduct the interest as an expense. You'd have to count the use of it as a benefit. Turning it over to the company would also make it your equity in the company.

Which comes out better will depend on the situation. As long as you can actually deduct it, the first scenario is just plain easier to do.

You might want to check the tax forums for more details on the situation of this being a corporation, because it separates you from the company. I'm not a tax expert - but I've done contracting work and have counted my own car before, but I wasn't incorporated.

Here's the tax forum:
https://www.askmehelpdesk.com/taxes/