hill
high fiber member
Here's to hoping so with the people issue - but it flies in the face of the code section posted above
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Title: Tesla Model X will probably qualify for the Hummer Tax Loophole. What does that mean?
Posted September 8, 2015 by Charles Morris
Charged EVs | Tesla Model X will probably qualify for the Hummer Tax Loophole. What does that mean?
Barry Brents, a tax attorney and expert on EV incentives, burst our bubble.
Any news if the mx will be classified as a car or a truck? My accountant says that will be the difference in if 179 can be used. Suv's are often classified as trucks, but it is supposedly up to tesla and how they submitted the mx...i'd appreciate it if anyone has any insight into this.
Hey, was this passed and signed into law or did it get changed/deleted?Great new folks! The U.S. House just passed a budget that makes the IRS Section 179 deduction permanent. Oh and they also increased the limit for qualifying business property for 2015 and forward from $25,000 to $500,000!
Don't pop the champagne corks folks because it still has to pass the Senate be signed into law by the President.
I'd love for an tax accountant to review these facts.
http://docs.house.gov/billsthisweek/20151214/121515.250_xml.pdf
Hey, was this passed and signed into law or did it get changed/deleted?
... and to add to the confusion of our tax laws be sure to consider how depreciation is "recaptured" when you sell your business vehicle.
Check the door plate picture in this post...Can anyone who has their Model X confirm that the GVWR is >than 6,000 lbs? Also, if anyone can direct me to a good summary like the one above that I can provide to my accoubtant. Right now, he doesn't feel it qualifies.
It's a complicated area of the tax code, and each X owner using Model X for business purposes should consult their individual tax advisor instead of getting tax advice from this or any other forum.
Because it is a non obvious issue, people who have looked into this are welcome to share their information with others on this forum. That's the point of this forum. Share information with others in a friendly helpful way.
Because it is a non obvious issue, people who have looked into this are welcome to share their information with others on this forum. That's the point of this forum. Share information with others in a friendly helpful way.
No offense, but the fact that it's "non-obvious" is exactly the reason why you shouldn't be getting advice from random affluent strangers on a forum. Feel free to share the info, but it would behoove the person looking for good advice to ask a qualified tax professional BECAUSE it's not a simple cut and dry question. It's also not a new question. I looked into this in 2004 when I was contemplating my first SUV purchase.
In the medical field, I spend the majority of my day debunking bad medical advice from the internet that does not apply to the person who read it. I don't mind debunking at all! But non-professionals and their advice should really be taken with a grain of salt (or three).
And I may be reaching a bit here, but if you're in the market for a $100K+ car, you are probably affluent enough to hire a GOOD tax preparation specialist. If they claim they are unfamiliar with this rule, then find another tax preparer. This is an extremely common question that almost all tax preparers have fielded before.
the best advice is: "hey guys! The X is over 6000 lbs! You might qualify for a business tax deduction! Make sure to ask your tax preparer about this!" Keep sharing awareness, but be very very careful about tax advice (or medical advice!) on a car forum.
Because it is a non obvious issue, people who have looked into this are welcome to share their information with others on this forum. That's the point of this forum. Share information with others in a friendly helpful way.
You are mixing up Section 1245 property (e.g., tangible personal property (like a Model X), which is always subject to recapture of depreciation at ordinary tax rates if the asset is sold for more than the adjusted cost basis) and Section 1250 property (e.g., real estate, where accelerated depreciation is subject to recapture at ordinary rates and straight line depreciation is subject to recapture at less than ordinary rates).
It's a complicated area of the tax code, and each X owner using Model X for business purposes should consult their individual tax advisor instead of getting tax advice from this or any other forum.
In the medical field, I spend the majority of my day debunking bad medical advice from the internet that does not apply to the person who read it. I don't mind debunking at all! But non-professionals and their advice should really be taken with a grain of salt (or three).