I looked into doing this, and my conclusion was that in order to deduct the cost of the truck, you have to be able to prove (with verifiable mileage logs) that the truck is used more than 50% of the time for work. It's a big red flag for the IRS, and there's a decent chance of getting an audit.
That is the great thing about forums and hearing peoples ideas. I had planned on 50% down paid with stock, but if the stock looks like it will have good growth in 2025 I will probably do as you suggest and use a much smaller down payment. I have a home equity line of credit. I could easily use that and with a little discipline pay it down with occasional Tesla sales. I haven't owed money on a car since 2010. It makes me uncomfortable.There appears to be a very large hole in the survey... those selling some shares < half the cost of the CT. From reading the posts so far, that would be a fairly significant category
I initially invested in Tesla to help pay for the CT. Then over time I realized the potential value and rethought my plan, which morphed into keep the stock, take the longest term with least down payment but enough to be able to afford the monthly payment+ insurance. So I started saving for the down payment, only to realize "wait, your savings account is paying you .005 (half of 1 percent)". So I took my savings and invested that too. I realize I will have to pay capital gains on the shares I need to sell to make whatever the down payment turns out to be, but I think overall I will come out ahead. Looking back a couple of months I wish I had come to this realization when the stock dipped below $800. (I don't use the near $750 number as I think the chances of me hitting it at its lowest l point are very slim at best). Still that is a $200/share miss. Ah well, just be patient............................... If the stock performs as we all hope, then the additional wait we are all suffering through may be offset by gains of the stock, which ,at least a tiny bit, helps mitigate the suffering. And as much as I look forward to the stock gaining value, I think the real treat will be when Tesla starts paying a dividend. I believe that is still years away as there are many gigafactories yet to be built, but at some point, woohoo!
Paul
this is the same exact plan i had. save up to buy cash. since its been delayed put all the savings into the stock so it can grow. depending on how the stock is doing ill either sell all of it or take out loan and keep the stocks
Can you say capital gains? Not a good plan, and it’s possible the IRS will send you a big fat monetary request if this puts you in the next tax bracket. Nothing like filing your taxes after selling stocks and purchasing a pricy vehicle. Then being told you own the IRS $10k due you didn’t have enough withholding the prior year for the new higher tax bracket you put yourself in. Lol.
I am aware and fine with long term capital gains tax. I don't mind paying my share. You have to sell sometime. Best case you spread your sales such that you don't jump into a temporarily higher tax bracket. I happened to bet pretty big on a pharmaceutical stock that hasn't paid off. I will probably need to right that off around the same time as I sell TSLA. So I guess that will helpCan you say capital gains? Not a good plan, and it’s possible the IRS will send you a big fat monetary request if this puts you in the next tax bracket. Nothing like filing your taxes after selling stocks and purchasing a pricy vehicle. Then being told you own the IRS $10k due you didn’t have enough withholding the prior year for the new higher tax bracket you put yourself in. Lol.
Agree with you stand......I think there are a lot of us, I think, who are becoming more and more disillusioned....however, there is a lot of BS and rumors which help add to the apprehension and not having any worthwhile updates is making it more difficult to understand what is going on.....no news, updates and no Giga press really make it difficult...
and it looks like Tesla will split again in August adding to the dilemma of what to do about stock...
We know where the giga press is. It's being packed up in Italy now. It was being shown. Then it's going to Texas. That's news. We know where it is. We know that it took nine months from gigapress to production on the Y, and six months from Italy to gigapress.
If you bought enough TSLA stock, you can pay the capital gains tax with the capital gains and have enough left over to buy a bunch of Cybertrucks with no additional money beyond the gain on the stock.
