$7500 Tax Credit

$7500 Tax Credit

I use my Model S for business about 90% of the time and the balance is personal mileage. Using the tax form suggested by Tesla,the tax credit essentially is lost for tax year 2015 and becomes a carry forward. Does anyone know of a work around that gets me the $7500 now? Thanks in advance for any help or suggestions.
Jim M

Redmiata98 | March 25, 2016

See 2015 Instructions for Form 8936

Don Schmidt | March 30, 2016

Why can't you claim the entire cost of the car as a business expense? As I read your message you said the S will be used for business. Have a chat with your CPA.

Vancouver, WA

DTsea | March 30, 2016

You dont get the 7500 for a business asset. Op wants to get BOTH the 7500 credit on his personal taxes AND deduct the car as a business expense.

My guess is you must pick one or the other.

james.morrissy | March 31, 2016

Thank you all for your suggestions. Writing off the entire price of the car is quite an interesting suggestion. I'm betting that is not possible as the mileage and other costs are deductible on yearly tax filings. Also writing off the car purchase would be like getting the cake and eating it too. I have been told that if I take the 7500 now I cannot also deduct the use of the car mileage for business...the mileage write off has greater financial benefit than the 1 time 7500 tax credit. (The "carry forward" benefit might be available to me when I retire in 4 or 5 years).
Thanks again, Jim M