I am thinking to purchase a Tesla all electric car. It cost around $75k. If I for example make $130k a year, can I write off the full 75k for business tax write off?
Also since its all electric, uncle Sam is giving a $7500 tax credit but I am asking if its use for my business, can I write of the whole 75k from my income since its a new car?
You can deduct the percentage of your automobile used for business within the limits set forth by the tax law. See IRS publication 463 at www.irs.gov for information on such. Also, note that commuting expenses (driving to and from work) is NOT deductible. If you can afford a Tesla, you can afford to hire a CPA competent to handle this for you. Good luck.
This answer is provided for general information only. You should seek advice from an attorney or tax professional.
8 lawyers agree
Real Estate Attorney
As mentioned by colleagues above, whether the entire amount is or is nor subject to deduction, whether by IRS code section 179 depreciation allowance or otherwise, is a CPA question with whom you need to consult with. Good Luck
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