HI
I want to buy the Cybertruck 3 motor when it is available. I am thinking about tax strategies to write it off.
Typically I don't buy new vehicles, But I have a model 3 and I can see the savings in repairs and maintenance (and fuel of course) are a good arguement for buying the Cybertruck, and keeping it for a long time. So the question is how to do it cost effectively. I haven't leased a work truck in a couple decades so I am looking for ideas on how to do this. The first thought I have that is a change from the ordinary is to stretch the loan out as long as possible because the Cybertuck should last a long time because of the stainless steel body and new million mile batteries. You will not end up underwater on the loan as you would on a typical ICE truck. Also it seems that the amount you can deduct for a vehicle seems very low, so if you can strech it out over a longer time you can get more back from the deduction. As long as you can get low interest rates who cares how long the loan is?
So here is my first idea and I would like comments on it as I dont have a lot of experience in this area. I have a small business that is unincorporated where I legitamitely will use the Cybertruck for about %85 business. What if I were to take as long a lease as possible (if Tesla will even lease it?) to take advantage of the lease write off, then when the lease is done, buy out the truck and then write off the financing and depreciate the truck?
Comments?
I want to buy the Cybertruck 3 motor when it is available. I am thinking about tax strategies to write it off.
Typically I don't buy new vehicles, But I have a model 3 and I can see the savings in repairs and maintenance (and fuel of course) are a good arguement for buying the Cybertruck, and keeping it for a long time. So the question is how to do it cost effectively. I haven't leased a work truck in a couple decades so I am looking for ideas on how to do this. The first thought I have that is a change from the ordinary is to stretch the loan out as long as possible because the Cybertuck should last a long time because of the stainless steel body and new million mile batteries. You will not end up underwater on the loan as you would on a typical ICE truck. Also it seems that the amount you can deduct for a vehicle seems very low, so if you can strech it out over a longer time you can get more back from the deduction. As long as you can get low interest rates who cares how long the loan is?
So here is my first idea and I would like comments on it as I dont have a lot of experience in this area. I have a small business that is unincorporated where I legitamitely will use the Cybertruck for about %85 business. What if I were to take as long a lease as possible (if Tesla will even lease it?) to take advantage of the lease write off, then when the lease is done, buy out the truck and then write off the financing and depreciate the truck?
Comments?
