Hello im in texas and i was planning on purchasing a new model 3 2024.
i am self-employed so i like the 7k tax credit.
My question is, can i add depreciation on my tax returns to reduce the tax liability and also use the 7k ev credit simultaneously?
thanks!
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You must reduce your basis for depreciation by the amount of the credit.
How much you can depreciate depends on how much you use the vehicle for business, of course.
IRC 30D requires you to reduce depreciable basis by the full credit even if you can't use 100%
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