Calculating cost basis of new car for depreciation

[Kboocha]

I purchased a new car in 2021, and I'd like to know how to calculate dollar amount as cost basis. For example, the car was $50k exactly total price on the purchase contract. There was a mfr rebate of $5000 for conditioned on using the mfr's lender, a clean fuel rebate of $1000 from the state, and another misc rebate for $500 from a third party. The amount financed, not including any add'l down payment was $43,500. Post purchase, an add'l rebate of $5000 from the state was given due the fact that the vehicle was an EV. What is the actual cost basis for depreciation?

Second question: When taking depreciation, whether 1st yr or subsequent years, and whether 179/bonus in first year or straight line, does one take the depreciation only, or the depreciation in addition to actual costs for the first and subsequent years?

Thanks

[JohnB5677]

The basis will be the purchase price less rebates.

$50,000 - 5,000 - 1,000 - 500 = $43,500  The state "rebate" is actually a tax incentive.

For your second question if I understand it correctly: you would take the depreciation only.  If it is a 179 bonus, it is still the depreciation.  If you enter this in TurboTax it will properly allocate it.

[Kboocha]

@JohnB5677 Thanks for your reply.

If I may, I'm going to add a bit more info regarding the individual rebates to see if it changes anything.

The $1000 rebate was a state rebate that used to be a post purchase rebate from the public utilities, but the process changed to a point of purchase rebate at time of sale.

The $500 rebate was a rebate from a third party for purchasing the specific brand of auto I did.

The $5000 rebate (was actually less than that, I can't recall exact number) was not a tax incentive to my knowledge, but actually a check sent out from a state fund encouraging buyers to adopt the use of ev's. 

I guess what I'm getting at is when/what determines exactly if it's used to reduce cost basis? At time of purchase only, post purchase, mfr or tax incentive or ev incentives?

To your second answer, are you saying that if using the actual cost method vs mileage, then one can only take depreciation and cannot take other expenses such as tires, fuel, interest on auto loan?

Thank you for your time.

[ColeenD3]

Basis is an ongoing calculation. Anything that reduces or increases your basis is included. 

If you take actual expenses, you can include depreciation. If you take standard miles, you can include nothing else, with the exception of parking and tolls.