Foundation CT tax credit ?

[Woodrick]

anyone know if this tax credit works for businesses ?


has anyone actually got this credit for a cybertruck for their business ?

AFAIK, it's not a point of sale credit. It will be realized at tax time next year.

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[mongo]

AFAIK, it's not a point of sale credit. It will be realized at tax time next year.

Or earlier, if one adjusts their quarterly tax payments accordingly.

 

[tres_comas]

Own a business and registration is in business name then maybe. Talk to your accountant
https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit

No limits on price or income for this $7500 federal credit

thanks for the tip.

Wife has an LLC and works as an independent consultant for over 3 years. I might have to rethink this one and talk to the tax guy.

 

[Don Draper]

Thanks. Good info. I don't expect my CT for a month or more. I just placed the order about a week ago, and the only ones I've seen with a quick move from order to vin were the Stockholders who got special treatment.

And, yes, please keep me posted on the install cost.
Thanks.

Got my install quote, having powershare and a new charger installed is $4081. Honestly the cost of the charger install seemed a little high. Would have been happier with $2500 quote as this is not too complicated. But these guys know you have no choice.
Will be able to back up my whole home minus AC unit. I could add it with a soft start but that's another $800 for something that would kill the battery quickly.
I will do it because I can afford it and I love tech like this. But is is not a great value.

 

[mongo]

Got my install quote, having powershare and a new charger installed is $4081. Honestly the cost of the charger install seemed a little high. Would have been happier with $2500 quote as this is not too complicated. But these guys know you have no choice.
Will be able to back up my whole home minus AC unit. I could add it with a soft start but that's another $800 for something that would kill the battery quickly.
I will do it because I can afford it and I love tech like this. But is is not a great value.

How long of a run for the charge connector? 6 AWG copper wire is $0.92 a foot these days.

 

[fgaryamy]

Got my install quote, having powershare and a new charger installed is $4081. Honestly the cost of the charger install seemed a little high. Would have been happier with $2500 quote as this is not too complicated. But these guys know you have no choice.
Will be able to back up my whole home minus AC unit. I could add it with a soft start but that's another $800 for something that would kill the battery quickly.
I will do it because I can afford it and I love tech like this. But is is not a great value.

Thanks! Yes, I don't really know why Tesla forces you to do it this way, but I really need the backup and everything I need can be placed within a couple of feet of the breaker panel. Again, thanks for keeping me posted. And yes, no AC for me. Just keep my fridge, freezer, gas heating system and lights going.

 

[Fleetwood75]

you should also have commercial auto insurance, which generally costs more than personal, and should have at least one other personal vehicle for your use. if you have two drivers, then two personal vehicles plus the company vehicle. is this a rule? no. but helpful if you have an audit.

My company purchased my Cybertruck and I have commercial auto insurance. For tax purposes I am saying that the truck is used for 70% business, 30% personal use, so I'm getting pro-rated on various tax deductions. I've read that if you say that a vehicle is 100% for business use that's a huge red flag, but mine is legitimately 70/30 because I use it for work 5 days a week and for personal stuff on the weekends

 

[Don Draper]

Thanks! Yes, I don't really know why Tesla forces you to do it this way, but I really need the backup and everything I need can be placed within a couple of feet of the breaker panel. Again, thanks for keeping me posted. And yes, no AC for me. Just keep my fridge, freezer, gas heating system and lights going.

Mine is all on one wall, charger is easy straight 20 ft run across garage.
It it takes them 8 hours thats $500 per hour. When the housing market here in Phoenix crashes I hope they save their money.

I had a hot water heater go out last month, $800 for replacement. Said, get free quote for install so I did. They wanted $1200 to install. Did it on my own in less than 2 hours. I own a business, I don't treat consumers like that, should be illegal.

 

[Cyber Man]

Holy Sh*t. I have never seen this, assumed I was not able to claim due to income. However, my CT is being purchased as a business vehicle. Definitely sending this to my accountant for review. Thanks for the info @Don Draper

I reviewed this with my CPA. Just be cautious on what type of Business you are writing it for. My CPA warned me about it. I can’t just say I need to commute for business, so I need 100K Cybertruck. Apparently the business will have to justify that you need a Cybertruck for the type of business. Otherwise IRS might audit. The analogy he used was like buying a Crane for something that can be done with a forklift. IRS has been getting strict about this it seems. Some of his clients were audited in past for writing off expensive vehicles that IRS thought were unnecessary for the business. Some were asked why commercial insurance was not used.

As others said, please review this with a good Accountant who knows latest IRS trends and thresholds for writing off expensive vehicles as business write-off. I really want to write off as I’ll be using CT for the business, but I’m trying to make sure the grounds are strong.

 

[RoboTaxi]

If you own a business look into the Section 179 tax deduction.

 

[Don Draper]

How long of a run for the charge connector? 6 AWG copper wire is $0.92 a foot these days.

Just across a 2 car garage maybe 15 feet max.

 

[Don Draper]

I reviewed this with my CPA. Just be cautious on what type of Business you are writing it for. My CPA warned me about it. I can’t just say I need to commute for business, so I need 100K Cybertruck. Apparently the business will have to justify that you need a Cybertruck for the type of business. Otherwise IRS might audit. The analogy he used was like buying a Crane for something that can be done with a forklift. IRS has been getting strict about this it seems. Some of his clients were audited in past for writing off expensive vehicles that IRS thought were unnecessary for the business. Some were asked why commercial insurance was not used.

As others said, please review this with a good Accountant who knows latest IRS trends and thresholds for writing off expensive vehicles as business write-off. I really want to write off as I’ll be using CT for the business, but I’m trying to make sure the grounds are strong.

Please, the government can't tell you how to spend your money if you follow the rules. I pick up cardboard boxes that won't fit in my model S. So the government is going to tell me I can only buy a minivan?
Maybe you need to present certain levels of professionalism or going to use it as a marketing tool. As long as these things fit your business needs should be ok. If your company is a "fake company" that doesn't create income or it's the only vehicle you own could be a problem.
I really dislike the fear of the IRS. Personally I keep my last company vehicle for 20 years and it cost about $45k. Not much of a stretch to say $100k 20 years later is extravagant.
Key in my opinion is don't try and game the system but also don't be afraid of the audit unless you have something to hide.
I tell you one thing, I will have many less auto expenses with my Cybertruck, no gas, no oil changes, no repairs first 4 years.

 

[Don Draper]

My company purchased my Cybertruck and I have commercial auto insurance. For tax purposes I am saying that the truck is used for 70% business, 30% personal use, so I'm getting pro-rated on various tax deductions. I've read that if you say that a vehicle is 100% for business use that's a huge red flag, but mine is legitimately 70/30 because I use it for work 5 days a week and for personal stuff on the weekends

Yup that's a great plan. How I do it.

 

[Cyber Man]

Please, the government can't tell you how to spend your money if you follow the rules. I pick up cardboard boxes that won't fit in my model S. So the government is going to tell me I can only buy a minivan?
Maybe you need to present certain levels of professionalism or going to use it as a marketing tool. As long as these things fit your business needs should be ok. If your company is a "fake company" that doesn't create income or it's the only vehicle you own could be a problem.
I really dislike the fear of the IRS. Personally I keep my last company vehicle for 20 years and it cost about $45k. Not much of a stretch to say $100k 20 years later is extravagant.
Key in my opinion is don't try and game the system but also don't be afraid of the audit unless you have something to hide.
I tell you one thing, I will have many less auto expenses with my Cybertruck, no gas, no oil changes, no repairs first 4 years.

You may be right. I’m not a tax expert. I’m just saying what my CPA told me. He has saved me lot of money in past with good valuable advice. I trust him.

For example: if you are buying Lamborghini Urs for transporting cardboard boxes for a cardboard business that’s generating great revenue, is that a red flag? I don’t know. If this is not the case, people can buy all sorts of luxury sports car, post a logo of their business on the car or do YouTube videos while driving the car, and write off half a million depreciation to claim tax credit. Probably people are doing that. I don’t know. I’m just telling what my good Accountant told me. After all, it’s called IRS risk tolerance. Someone might be audited or not audited. It’s hard to say which option is perfect. Those not audited will say do it. Those who are flagged might say tread with caution. You do at your own risk based on what you and your CPA seem fit.

 

[Fleetwood75]

Yup that's a great plan. How I do it.

Just tell your tax accountant when you go to file your 2024 taxes early next year

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