Tesla Motors Club
Looked at some threads on this and I think I have a little unique question.
I run a small business and am able to benefit from deductions/depreciations. Planning to get a MX any day now and can't figure out whether to Lease or Buy. Ran numbers with my CPA and he says technically both give me the same benefit (of course he did not take $7,500 Federal credit into consideration).
With a lease I would be able to deduction lease payments and repairs/electricity, etc at actuals vs. with purchase the interest on the auto loan will be a deduction and the depreciation for the 1st year upto $25,000 and then 2nd to 5th year equally divided. Plus repair/electricity at actual.
FWIW, I am in the great state of GA which I understand is not a lease friendly state as you end up paying 7% of the total cost in taxes.
Just wondering if anyone has any opinion one way or the other? With a lease I plan a 36 month 15,000/month lease but with purchase I plan a 48 month loan. The payments for both are very similar and does not make a difference to me.
Appreciate your responses.
I run a small business and am able to benefit from deductions/depreciations. Planning to get a MX any day now and can't figure out whether to Lease or Buy. Ran numbers with my CPA and he says technically both give me the same benefit (of course he did not take $7,500 Federal credit into consideration).
With a lease I would be able to deduction lease payments and repairs/electricity, etc at actuals vs. with purchase the interest on the auto loan will be a deduction and the depreciation for the 1st year upto $25,000 and then 2nd to 5th year equally divided. Plus repair/electricity at actual.
FWIW, I am in the great state of GA which I understand is not a lease friendly state as you end up paying 7% of the total cost in taxes.
Just wondering if anyone has any opinion one way or the other? With a lease I plan a 36 month 15,000/month lease but with purchase I plan a 48 month loan. The payments for both are very similar and does not make a difference to me.
Appreciate your responses.