Refreshed 2021+ Model X and Model X Plaid waiting room

[KidsEyeDr]

Wow quite a few MXs waiting to be shipped.
View attachment 750612

Lot of whites!

 

[KidsEyeDr]

Would you mind quoting the page or the IRS code...FYI my X was delivered the 27th and I'm driving a Subaru tonight. Why doesy kid have my X?

Honestly idk. It was some section that referred to another section…

I think the originally-useful sections were section 179 and 168. The IRS updated their language somewhere else to (basically) block Tesla X’s.

But incidentally I think the Model X refresh shed some weight and might not qualify even if there were no new IRS language.

I’m not an accountant and none of what I say is financial advice lol.

 

[kchau]

Word of warning: the IRS caught on to the blip in Model X’s being bought by small business owners and updated their rules. See <several hundred pages ago in this thread>

Well sh*t. Thanks for that.

 

[kchau]

Honestly idk. It was some section that referred to another section…

I think the originally-useful sections were section 179 and 168. The IRS updated their language somewhere else to (basically) block Tesla X’s.

But incidentally I think the Model X refresh shed some weight and might not qualify even if there were no new IRS language.

I’m not an accountant and none of what I say is financial advice lol.

It’s not really “blocked” just a maximum deduction of 26k for SUVs

 

[LL#2]

Honestly idk. It was some section that referred to another section…

I think the originally-useful sections were section 179 and 168. The IRS updated their language somewhere else to (basically) block Tesla X’s.

But incidentally I think the Model X refresh shed some weight and might not qualify even if there were no new IRS language.

I’m not an accountant and none of what I say is financial advice lol.

Okay thank you. That was the big thing in 2012 to 2018 with the model X and its ability to raise 7 inches. The clearance gave it the 179 code to do an immediate 50 percent deduction first yr. I shall review tomorrow. Sans the red wine.
Thanks again.

 

[LL#2]

It’s not really “blocked” just a maximum deduction of 26k for SUVs

Mmm I shall look..not an accountant..but small business owner get 3 new cars.. X, Y, F150.

 

[KidsEyeDr]

Well sh*t. Thanks for that.

Ask <several really good > accountants.
Somebody else posted that there’s at least one if not more than one legal workaround.

There was some Act or something that allowed the full value to be depreciated or deducted outside of IRS rules (it was something I’d never heard of) and somebody else said section 168 still applied. It’s in here, like I said maybe in the range of pages 250-500.

 

[SteveinATX]

I don’t think any Tesla has that anymore. But this is speculation and not based on actually checking the S and X refreshes.

My S refresh has radar afaik. I didn’t have to click an acknowledgment like I did on my ‘21 Y that didn’t have radar. I sold the Y specifically because it was vision only.

Most of the drive to my house is country two lane roads with speeds of 55-60. I would get random collision alerts and phantom braking. My theory was the two lane roads and the high speeds of cars going the opposite direction. A few times the phantom braking happened going over hills. Not a big deal when no one’s behind me but when someone was I came close to being hit.

I’m not an expert but we never had that issue with our prior S or X (both of which had radar) or our refresh S.

 

[EV_LIFE]

I did the draggy today at 90% charge and drag strip mode at peak performance. and I got a 0-60 of 3.35 with rollout subtracted, this is the same way the plaid is measured on Tesla's website. The performance is basically like a P90DL but with bettter range and charging speeds.

 

[Chancellor32]

Wow quite a few MXs waiting to be shipped.
View attachment 750612

Apparently I should have ordered white like my last 4 teslas.

 

[Chancellor32]

I did the draggy today at 90% charge and drag strip mode at peak performance. and I got a 0-60 of 3.35 with rollout subtracted, this is the same way the plaid is measured on Tesla's website.

WOW 3.35?! That’s quite a bit lower than the 3.8 tesla says.

 

[SteveinATX]

Since getting my 2018 CPO Model X 100D a few weeks ago, I'm undecided whether to keep the 2022 Model X LR when it ships, whether to flip it, or whether to cancel and forfeit the $250 deposit. I finally sold my 2014 Model S today, and it was a lot of effort for something much cheaper than a brand-new Model X. I have a demanding job, and screening potential buyers - and avoiding scammers - took a lot of time and energy. I eventually sold it to a local Mercedes dealer, and even then the transaction required me to sit in the dealership for about half the day. (Another reminder how frustrating dealers can be.)

On the bright side, I don't expect a 5-seat Model X anytime soon, so there is no rush to decide...

I had a good experience with Carmax when I sold the Y. It took around 30 minutes for the appraisal (I didn’t wait while the appraisal was being drafted, instead I had them text and email it).

When I sold it to them it took about an hour. Most of it was waiting as it was busy and I went to a location that was close to the Tesla delivery center (so I could Uber back to the new car and not have to coordinate a ride).

 

[EV_LIFE]

WOW 3.35?! That’s quite a bit lower than the 3.8 tesla says.

that's because Tesla does not subtract the 1 foot rollout for the LR, but they do for the plaid so it makes it look like plaid is much more of a difference than LR.

 

[EV_LIFE]

 

[KidsEyeDr]

Speaking of which… I need to do my taxes while waiting for my X… does anybody know any **really intelligent** accountants with good communication skills, in S FL?

PM me if you prefer.

 

[KidsEyeDr]

I had a good experience with Carmax when I sold the Y. It took around 30 minutes for the appraisal (I didn’t wait while the appraisal was being drafted, instead I had them text and email it).

When I sold it to them it took about an hour. Most of it was waiting as it was busy and I went to a location that was close to the Tesla delivery center (so I could Uber back to the new car and not have to coordinate a ride).

Carmax is pretty good and convenient.

 

[kchau]

Ask <several really good > accountants.
Somebody else posted that there’s at least one if not more than one legal workaround.

There was some Act or something that allowed the full value to be depreciated or deducted outside of IRS rules (it was something I’d never heard of) and somebody else said section 168 still applied. It’s in here, like I said maybe in the range of pages 250-500.

Ok I just re-read the entire thing again and it all came rushing back to me. There was no new rule to Section 179, it's always been both Section 179 and Section 168 for the Model X 100% write off. Section 179 has had a SUV limit for awhile now.

It's not really a "workaround" either, just a rule from the Trump admin that allows this to happen.

Don't scare me like that. Almost called my Fiancee and said we're getting Y again.

 

[KidsEyeDr]

Ok I just re-read the entire thing again and it all came rushing back to me. There was no new rule to Section 179, it's always been both Section 179 and Section 168 for the Model X 100% write off. Section 179 has had a SUV limit for awhile now.

It's not really a "workaround" either, just a rule from the Trump admin that allows this to happen.

Don't scare me like that. Almost called my Fiancee and said we're getting Y again.

Can you tell me the rule/name of the rule/link?

And sorry from what I read, I really thought basically section 179 was /is blocked (yes to 26k) by an IRS rule from like 2020. Obviously I need a good accountant lol

 

[ductordoc]

HAPPY NEW YEAR
to all, with or without
​

 

[kchau]

Can you tell me the rule/name of the rule/link?

And sorry from what I read, I really thought basically section 179 was /is blocked (yes to 26k) by an IRS rule from like 2020. Obviously I need a good accountant lol

2021 Tax Code 179 and Bonus Depreciation Guide

Our updated 2021 Tax Code Section 179 guide for self-employed and business owners who buy qualifying vehicles in the 2021 calendar year.

www.carprousa.com

The percentage is doubled to 100% for assets purchased after September 27, 2017. For assets purchased after this date, the $25,000 cap which applies to SUVs and crossovers with a Gross Weight above 6,000 lbs. utilizing Section 179 does not apply to those vehicles utilizing Bonus Depreciation. Assets eligible for Bonus Depreciation now include used assets. The Bonus Depreciation percentage of 100% is temporary and is scheduled to be phased down beginning in 2023.

the bonus depreciation rules are also known as Section 168(k)

If this is what you're planning on doing - Sign up for TeslaFi or TeslaScope for automatic logging of your miles.