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2016 Taxes

Discussion in 'Model X' started by psgabin, Feb 3, 2017.

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  1. psgabin

    psgabin Member

    Joined:
    Jan 9, 2016
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    Location:
    livingston, nj
    so as a new owner of three months and 2016 tax year coming is there a list of tax deductions federal and state of New Jersey that can be taken for tesla and home charger ?
     
  2. Dj B

    Dj B Member

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    Nov 15, 2016
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    Location:
    Nevada
    Did you buy or lease?
     
  3. Yinn

    Yinn Active Member

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    Location:
    Behind you
    These are assuming you purchased. You may be eligible, but check with your accountant, as I am not one.

    These are the potentially eligible deductions:

    - NJ: No sales tax, you probably took this at delivery.
    - Federal: Eligible for $7500 tax credit.
    - Federal: Eligible for 30% or $1000 maximum on energy station
    - Federal: Eligible for $25,000 business deduction.
     
  4. Dj B

    Dj B Member

    Joined:
    Nov 15, 2016
    Messages:
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    Location:
    Nevada
    The 25k is just a bonus deduction for putting new equipment into service. You also get a 50% deduction of the purchase price minus the 25k bonus for year one(Model X weight is >6000lbs). Then adjust all the above by your actual business usage

    This all assumes purchase. If you leased you get peanuts, just payment write offs.

    Both(lease/purchase) qualify for ancillary items like registration, tires, 30% of charger install etc...Again adjust for business usage

    That being said, ask your CPA as any advice on this board should be taken with a grain of salt as we are not accountants, including me
     

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