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I'm wondering if I would be allowed to write off buying a Tesla bought within the coming months if I plan to start using the robotaxi service when it's available. The idea is to buy, say, a Model Y and drive that until the Tesla robotaxi service is up and running, which I will then buy a Cybertruck to drive (and not use with robotaxi because fuck the plebs).

If I do this, can I write the first Tesla off for a business expense when it comes time to do my taxes? Thanks to anyone able to answer.

I'm wondering if I would be allowed to write off buying a Tesla bought within the coming months if I plan to start using the robotaxi service when it's available. The idea is to buy, say, a Model Y and drive that until the Tesla robotaxi service is up and running, which I will then buy a Cybertruck to drive (and not use with robotaxi because fuck the plebs). If I do this, can I write the first Tesla off for a business expense when it comes time to do my taxes? Thanks to anyone able to answer.

(post is archived)

[–] • 1 pt

Rent it on Turo, then yes you can. Any asset that you use to generate income can be written off. If you also use it for personal use, you then must establish the percentage use for personal use and business use.

I'm not giving you professional tax advice. This is only for amusement purposes. Please consult a legitimate tax accountant. But I did stay in a Holiday Inn Express.

[–] • 0 pt

So, hypothetically, the way this would work would be the person who rented said vehicle didn't technically own it and therefore use it personally, but the fresh one they'd purchase later on could be then written off as a business expense?

[–] • 0 pt

None of that matters. If you rent your car and make income, you report that income and pay tax on it. You then can deduct expenses related to it. Keep in mind you need to report a profit after a few years or the IRS considers it a hobby. Then all those expenses become taxable.

[–] • 1 pt

Meh the renting it angle seems convoluted to me... In this hypothetical circumstance, I think I'd probably prefer just buying the vehicle. All of this shit is too complicated and this is something I have little patience for. I'll probably just throw money at someone and let them figure it out. I just don't want to get McAfee'd here and I guess his news is making me feel like being a bit more thorough.

[–] • 1 pt

Short answer is yes.

But, with steps.

Ideally, you've already got an LLC to put it in.

[–] • 1 pt

Well of course. How else would I establish a business expense? But is this something where I can go in and set up the whatever corporation and then write it off for said corporation in the same day, or do I have to let it mature or something?

[–] • 0 pt

So long as you incorporate by Dec 31st, you're fine.

But... just to be clear we're both talking apples.

Jan 1st. You buy it.

You drive it around for 6 months.

June 1st, the service goes live.

Here is where you'd, likely, be wisest to incorporate. Besides, they will want your tax documents... just a guess. EINs are easy to get.

However, say it was a lawnmower and nobody needed to see paperwork.

Dec 31st is your deadline to incorporate for the tax year.

Now, to get around all this, for a car, you can get an EIN without incorporating, then incorporate at the end of the year.

I'm not assigning any reasons, just describing what is possible.

[–] • 1 pt

Interesting. I think at present the plan is to incorporate in 2022. I'm really not sure how my situation is going to play out and there's a lot of variables here. So, from what you're saying it appears what I'm planning doesn't seem to have big issues. I think this answers the question well enough. Thanks.

[–] • 1 pt (edited )

@ webofslime I'm not sure if you could answer this or not. I considered posting in LegalAdvice, but this didn't exactly seem to fit. never mind

[–] • 0 pt

Not providing legit tax advice, I am not a tax professional.

If your business income is projected to be less than around 30k, keep it to an LLC or Sole Proprietorship; you can change structure in the future. If you do go with an LLC (which I'd recommend over Sole Prop), get a business bank account to keep your personal and business expenses separate right away. This way, if someone is suing the business, they're not suing you, they're suing the LLC. If they can prove funds were intermingling they have grounds to take from you too. Additionally, keep in mind that the LLC can have an EIN (if you have any employees, or need to pay excise tax for any reason, you'll need one).

If you incorporate you've got a lot of other rules, regulations, and tax (plus higher accounting fees) to compensate for (payroll/payroll tax requirements, reasonable compensation, etc..) depending on the structure (C or S). Plus, under 30k, tax-wise it doesn't make as much sense. Also, they're separate tax returns from your personal, and the prep fees are high (depending on, you're looking at 350-600 bucks for a brand new S Corp return without much going on). Also, if you don't do your own books you'll have to pay for that too. Good P&Ls are required to prep the return.

So with that being said, if it is a business expense, any business structure (Sole Prop, LLC, C-Corp, S-Corp, or Partnership) can claim it as a deduction. The trick is figuring out the best way to claim said deduction. The Federal Section 179 deduction is a way to write it off upfront, and I've heard that it's better than taking standard mileage deductions for people who do the whole taxi/ride-share thing. This is a question for your accountant or tax pro.

In addition to the aforementioned, you'll want to look into first time business credits (you'll be able to write off startup costs like one time up to 5k if the cost was under 50k last I checked), as well as a credit for buying an electric vehicle in general (I think some states still offer depending on the EV, but I believe they were phased out on Fed Taxes - doesn't hurt to check).

It's been a long time since I've played with accounting/taxes so this info may not be 100% as tax law changes so much these days, but they are good talking points to get started with a tax pro/accountant (not H&R Block - they generally have no clue, and there are a lot of lazy firms who won't try to get the best for you. Make sure you interview accountants well, and do not hire one that charges by the hour).

[–] • 0 pt

Hey, thanks. I will admit that I should have taken measures to adequately define my question. I just about trapped people taking the risk to help me... So sorry for that. Either way, thanks. I appreciate the help.

[–] • 0 pt

No worries at all, I enjoy providing some info here and there when I can.

[–] • 0 pt

Wait, you bought a Tesla? Lmfao.

[–] • 0 pt

No but I will. I'll buy several, actually. I really don't like driving and there's a lot of reasons I want one, even despite the Hastings incident.

[–] • 0 pt

tech bro?

[–] • 0 pt

You can try to write off anything you please.

Remember: The IRS has the final say,their word is steel.

Just be careful w/these folks,don't give them a reason to shine.

[–] • 0 pt

Robotaxi? Does it take you directly to the gulag if you don't have the jab?

[–] • 0 pt

Maybe. What I know for sure is it lets me make money while you play with your fidget spinners, watch NCIS and eat human meat. Have fun with that shit though, I guess.