Updated about 6 years ago on . Most recent reply
Vehicle Transfer and Valuation
Hello! I am starting a LLC for my rental business. I plan on moving my rental property over to the LLC once I get final approval. I have an older truck that I am using as I remodel my property. I own the truck with no loan on it. I intend on moving the truck over to the LLC and use it for the business only. I'm curious how to determine the fair market value of the truck as I move it over to the LLC? I'm thinking to use one of the vehicle valuation websites and determine the truck's value from that for the initial owner's contribution into the LLC.