Business Owners of Cybertrucks

[Litterboxer1]

How did you go about ordering it?
Did you order it under your company or personally?
How did you go about the commercial clean vehicle credit?
In the fine print it says the vehicle must be used "for legitimate business purposes >50% of the time" do you actually? What does that entail? Can I just slap a small business magnet on it, say it's marketing and call it a day? Or are you really all using it only as a work truck?

When I was at the Tesla store, the guy made it seem like it was no big deal, just buy it and boom I can deduct it no problem.

Thank you.

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[CybertruckWraps]

If it’s wrapped with your business logo one can argue it’s always working even when it’s not. Really it’s a cpa question. A good cpa will help you write it all off.

 

[Litterboxer1]

If it’s wrapped with your business logo one can argue it’s always working even when it’s not. Really it’s a cpa question. A good cpa will help you write it all off.

Thanks. I was gonna give him a call this week.
Just wanted to try and get some firsthand insight beforehand.

 

[mongo]

How did you go about ordering it?
Did you order it under your company or personally?
How did you go about the commercial clean vehicle credit?
In the fine print it says the vehicle must be used "for legitimate business purposes >50% of the time" do you actually? What does that entail? Can I just slap a small business magnet on it, say it's marketing and call it a day? Or are you really all using it only as a work truck?

When I was at the Tesla store, the guy made it seem like it was no big deal, just buy it and boom I can deduct it no problem.

Thank you.

Where did you see that fine print? Sounds like depreciation, not 45W credit.

 

[CybertruckWraps]

Thanks. I was gonna give him a call this week.
Just wanted to try and get some firsthand insight beforehand.

Yea, ask him if you file as an S Corp. you can pretty much pay a ton of expenses with pre taxed business earnings.

 

[Litterboxer1]

Where did you see that fine print? Sounds like depreciation, not 45W credit.

Yeah I think I may be misunderstanding. So there are two possible business deductions? The clean vehicle credit of $7,500 and then depreciation (179)?
This is good info, exactly why I was asking.
In this screenshot is what I was referring to.

 

[mongo]

Yeah I think I may be misunderstanding. So there are two possible business deductions? The clean vehicle credit of $7,500 and then depreciation (179)?
This is good info, exactly why I was asking.
In this screenshot is what I was referring to.

Yep, separate things.
To claim the credit, the vehicle needs to be of a manner subject to depreciation. Standard IRS mileage rate includes depreciation.

https://www.irs.gov/newsroom/topic-...out-qualified-commercial-clean-vehicle-credit
Q8. What does “of a character subject to the allowance for depreciation” mean for purposes of the Qualified Commercial Clean Vehicle Credit? (added Dec. 29, 2022)

A8. In general, property is subject to the allowance for depreciation if it is used in a trade or business of the taxpayer or for the production of income (business use).


Q9. How does a taxpayer determine if a vehicle is used in a “business use”? (added Dec. 29, 2022)

A9. Generally, the term business use means any use in a trade or business of the taxpayer.

 

[Litterboxer1]

Yep, separate things.
To claim the credit, the vehicle needs to be of a manner subject to depreciation. Standard IRS mileage rate includes depreciation.

https://www.irs.gov/newsroom/topic-...out-qualified-commercial-clean-vehicle-credit
Q8. What does “of a character subject to the allowance for depreciation” mean for purposes of the Qualified Commercial Clean Vehicle Credit? (added Dec. 29, 2022)

A8. In general, property is subject to the allowance for depreciation if it is used in a trade or business of the taxpayer or for the production of income (business use).


Q9. How does a taxpayer determine if a vehicle is used in a “business use”? (added Dec. 29, 2022)

A9. Generally, the term business use means any use in a trade or business of the taxpayer.

Awesome, thank you!

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