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Questions on Section 179 tax deduction

Questions on Section 179 tax deduction

I know this topic has been discussed but I wanted to see if anyone here is planning on using the Section 179 tax deduction for 2019.

My main question is Tesla.com shows the LR or Performance with a weight of about 5500LBS while the tax code states the vehicle must have a gross vehicle weight (GVW) in excess of 6,000LBS. Am I missing something here?

Anyways .. I've already read section179 . org but wanted to get someones thoughts who has already applied the code in 2018 or places to apply it in 2019.

Thanks.

Uncle Paul | 23 December, 2019

All the new Model X configurations qualify for the Section 179 + accelerated depreciation schedules for the total amount of the car's list price. (Car only, not additional fees like registration, delivery, or taxes).

The weight is GROSS vehicle weight with includes both the weight of the vehicle and the rated weight it can carry inside.

Will have a white sticker inside the drivers door frame in the lower corner.

My 2020 Raven Dual Motor is listed at 6788 GVW lbs.

For me, it made the net cost of my X much less than even buying a Model 3.

Since everyone has individual tax circumstanses you should check with your tax advisor to confirm eligibility, but for the most part everyone with a profitable business should qualify.

You get to take the deduction in the year the car is "placed into service", meaning the date of delivery.

geoffalexander737 | 31 December, 2019

We bought one for this reason. Our accountant plus a backup opinion from another accountant jibe that we can take the full depreciation not he purchase for the 2019 tax year. Didn't even really want the car, but we do need another and have to shelter money, so would rather that then send 50k to the government.

jimglas | 31 December, 2019

I wrote mine 100% in 2018. My wife has it now and I drive a P3D. A free car is a great deal. A free MX, even better.