Finance under business

[jboy210]

Read this: Commercial Clean Vehicle Credit | Internal Revenue Service. I just bought a Plaid myself.

Wow. That is nice. We have been leasing through our company, but we are getting older, slowing down, and were going to stop leasing. Maybe a purchase is in order.

 

[dmvevguy]

Hello, I have a small business and just got the CT invite. Will be talking to my CPA soon, but wanted to follow-up to this thread and see if the full 100% bonus depreciation kicks in for the CT? My price will be 102k, would purchase from business in all cash. I see all these different clean credits etc., but I want to be sure I can write off the entire 102k up front this year. I appreciate your feedback on here as I'm gathering information to discuss with CPA, and just want to see if there's anything else I can qualify for from the small business tax credit.

 

[Cobra281]

From what I understand you can accelerate depreciation on 60% of the price of the vehicle for 2024. You'd be better off getting it straight from the horse's mouth though.

 

[dmvevguy]

From what I understand you can accelerate depreciation on 60% of the price of the vehicle for 2024. You'd be better off getting it straight from the horse's mouth though.

That is correct, and confirmed from my horse's mouth! There was legislation to bring back the 100% bonus depreciation and passed the house, but the senate did not include it in the recent approvals. Sucks, but 60% for the first year is still pretty good. I am still thinking on it (to buy the founder series).

 

[blackoutRF]

That is correct, and confirmed from my horse's mouth! There was legislation to bring back the 100% bonus depreciation and passed the house, but the senate did not include it in the recent approvals. Sucks, but 60% for the first year is still pretty good. I am still thinking on it (to buy the founder series).

I belive you get Section 179 PLUS Bonus Depreciation (60%) of the remaining amount - I've also read you also get the remaining annual depreciation amount (over 5 years) as well but I'd verify this. You also get this tax credit as well.

Not as good as 2 years ago but still a pretty decent write-off.

 

[dmvevguy]

I belive you get Section 179 PLUS Bonus Depreciation (60%) of the remaining amount - I've also read you also get the remaining annual depreciation amount (over 5 years) as well but I'd verify this. You also get this tax credit as well.

Not as good as 2 years ago but still a pretty decent write-off.

Thank you, and yes confirmed with CPA! I have decided to hold off until later this year and see what happens with the cheaper CT, if it becomes available for delivery.