Cybertruck as Business Expense ?

DropkickDave73

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Debating between waiting for the standard AWD version vs. just pulling the trigger on the FS AWD. Has anyone in this group looked into Section 179 or other business exemptions for the cybertruck? I’d like to wrap it with our brokerage logo, and be able to deduct some if not all of the purchase cost.
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C T Rick

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My vehicles are 100% work. Meaning their only use is for plumbing. Not running around picking up carpool, grocery shopping ect.
So if the truck is put into service by 12/31, I could start my depreciation that year. I believe you have a 7 year plan or possibly take it all in 1 year if the numbers haven't changed from the prior tax laws.
Of course that's why it's important to consult with your tax accountant..

Now if this was just used to advertise my business with a wrap on it and not performing actually day to day jobs with tools and materials, then I would only be able to deduct a small portion. Such as the wrap and limited miles.

Rick
 

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Not only can you get the Section 179 depreciation/deduction benefits (long enough bed length) but it also qualifies for the $7500 clean commercial tax credit regardless of MSRP or income. My company is buying the truck so I’ll be taking advantage of all of that. Only downside is I need commercial auto insurance which is more expensive
 

Keeney

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You will need to track your personal miles vs business miles and will only be able to effectively write off the portion related to business miles. Not sure how you factor the advertising. Driving to and from work from your house does not count as business miles.

My old Chevy could track personal miles vs business miles on the odometer. Would be a good feature for the Cybertruck.
 

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Debating between waiting for the standard AWD version vs. just pulling the trigger on the FS AWD. Has anyone in this group looked into Section 179 or other business exemptions for the cybertruck? I’d like to wrap it with our brokerage logo, and be able to deduct some if not all of the purchase cost.
Don't forget to look at insurance. Commerical insurance may be expensive.
 


Cyber Man

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My CPA told me that IRS might audit if the vehicle is considered highly unnecessary for the business. For example - do you really need a Cybertruck if you are running a massage salon? I’m sure we can come up with 100s of creative reasons, but IRS should buy it. :p

I’ll just wait for IRS to catch up on CT’s capabilities before writing off. Of course CT is needed to attract customers at a massage salon :ROFLMAO:
 
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Gurule92

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batlag

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In my opinion, doing it under your company as a write off is the ONLY way that makes sense. Otherwise, you’re buying at a further 30%+ markup if you’re paying for it out of your post-tax income. 🤢
 


Keeney

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In my opinion, doing it under your company as a write off is the ONLY way that makes sense. Otherwise, you’re buying at a further 30%+ markup if you’re paying for it out of your post-tax income. 🤢
IRS is going to want to see business miles vs personal miles.
Lie about that and you are a lowly tax cheat stealing from the rest of us.
 

Coltpete

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IRS is going to want to see business miles vs personal miles.
Lie about that and you are a lowly tax cheat stealing from the rest of us.
Everyone should be doing everything they can to lower their taxes. The government is lying and stealing from you every day. Nothing wrong with legitimately using tax write offs to the maximum extent possible.
 

Cyber Man

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In my opinion, doing it under your company as a write off is the ONLY way that makes sense. Otherwise, you’re buying at a further 30%+ markup if you’re paying for it out of your post-tax income. 🤢
Do you depreciate the asset over 7 years or claim full depreciation in the same fiscal year?
 

batlag

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Do you depreciate the asset over 7 years or claim full depreciation in the same fiscal year?
For me, I need the full in the first year. Just depends how much your tax liability is going to be and how much you need to write off!
 
 




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