Model X

«134

Comments

  • edited November -1
    Sounds to good to be true
  • edited November -1
    Sure does, I expect a tax expert to rip it to shreds, whoops everyone is expert, but me.


    Buy a KIA
    Be happy
  • edited November -1
    It looks like the tax deduction is for businesses only, big surprise there, but, if true, it could open up a whole new market for the X in the business world.
  • edited November -1
    If this is true then Tesla haters are going to go wild. "Tesla is only alive due to subsidies". "Why my money is going to rich people cars?"
  • edited November -1
    Hmm, I take back the hater word as in this case the tax break will be large. So there would be some weight to their arguments.
  • edited November -1
    I am a tax expert. Hence, my user name.

    The deduction is a business expense only. The vehicle has to be used in a business (could be incorporated, partnership or sole proprietorship).

    All businesses are allowed to write off fixed assets through depreciation. This spreads the cost over several years. Some fixed assets are eligible for an accelerated write-off under Internal Revenue Code section 179. Most personal vehicles are not eligible due to other limitations in the code. But, SUV's with a gross vehicle weight of 6,000 pounds or more are eligible for the $25,000 first year write off. The balance of the purchase price is depreciated.

    I would guess most everyone buying a Tesla who owns a business will run it through the business. This is not a Tesla tax break. Of course, that won't stop irrational people from using it as an excuse to criticize.
  • edited November -1
    Does this apply to Canada as well?
  • edited November -1
    I thought Model X would weigh 5,000 pounds rather than 6,000.
  • edited November -1
    You're right. It does not look like he got the weight right.
  • edited November -1
    The tax code applies to SUVs over 6000 lbs, we'll only know for sure once the final specs on the X are released.
Sign In or Register to comment.