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 ?
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Yinn
Active Member
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.
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.
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
