[Our03z4]

If you buy an electric vehicle for business use, finance solar panels used only for the business, are they both still able to be written off? Basically if you charge a vehicle from the panels is that allowed? Right now all of my trucks are gas and we claim miles so I can't write off fuel. Wouldn't that be the same or did I find a loop hole?

[chassis]

Any vehicle for business use, for example an EV, can be deducted from revenue.

Any capital expenditure used for a business, for example solar panels, can be deducted from revenue.

Take care to understand if capitalization (amortization) is required, or if you can expense the entire amount(s) in one tax year.

Your state, or the Federal government may offer additional credits or deductions for EVs or solar panels.

https://www.investopedia.com/ask/ans...d-all-once.asp

[RickFLM4]

Originally Posted by Our03z4

If you buy an electric vehicle for business use, finance solar panels used only for the business, are they both still able to be written off? Basically if you charge a vehicle from the panels is that allowed? Right now all of my trucks are gas and we claim miles so I can't write off fuel. Wouldn't that be the same or did I find a loop hole?

Taking mileage on the trucks is more advantageous than actual expenses? I used my car for work and actual expenses are definitely more advantageous than mileage rate.

EVs and solar panels may have special tax rules to promote them (such as credits or accelerated depreciation), but otherwise I would expect their depreciation to be deductible like any other capital expenditure and the same rules to apply to EVs and gas vehicles (i.e., mileage rate or actual direct and supportable expenses).

[Our03z4]

Originally Posted by RickFLM4

Taking mileage on the trucks is more advantageous than actual expenses? I used my car for work and actual expenses are definitely more advantageous than mileage rate.

EVs and solar panels may have special tax rules to promote them (such as credits or accelerated depreciation), but otherwise I would expect their depreciation to be deductible like any other capital expenditure and the same rules to apply to EVs and gas vehicles (i.e., mileage rate or actual direct and supportable expenses).

Our trucks are under warranty so it does work out better in the long run. I buy base work trucks last one was 28k. Each are driven 20-30k miles per year. When you take miles you can change to costs later on but not the other way around. We can get 16-20mpg, with gas this high it does hurt a tad but still worth it. I use to take costs write offs but when it was analyzed I was better off taking the other. I do keep all fuel and up keep receipts and use mileage software so I can take either one depending how it shakes out.