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I know it flows to the shareholders but if I am only 1% shareholder of the s corp and I the corporation use the vehicle which belongs to me 50% of the time can the company take a 50% deduction?

One final question for the s corp i need to be at least shareholder right? If I am 1% shareholder can the s corp still take the 50% credit?

Hi I read this link: http://www.irs.gov/uac/Summary-of-the-Credit-for-Qualified-Hybrid-Vehicles and it shows: . The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle.

Hi Spiderguy, But what if the IRS ask for proof of the purchase agreement on the vehicle and they see the vehicle is registered under the individual name and not the business name? Won't they disqualify the credit then? - - - Updated - - - Because I read this here -...

oh ok. I just want to know if the title of the vehicle is not under the company's name when it was initially purchased, can the business claim credit on it if it was used 50% of the time for business

I bought mine originally under my name but I use it 50% for my business. Some people say the title needs to be under your business name too if you want to get the 50% credit?

I bought a tesla and was hoping to get a 7500 federal tax credit. I used the car for 50% business for my s corp. However, I realized that when I purchased the car it was purchased under my name only. Can the S corp still take 50% credit for this even though this was used 50% of the time for...