http://ecomento.com/2015/09/21/tesla-model-x-may-qualify-for-tax-loophole/ Tesla Model X may qualify for tax loophole September 21, 2015 |
[image http://cdn.ecomento.com/wp-content/uploads/2015/09/Tesla-Model-X-tax-loophole-740x425.jpg ] Section 179 of the Internal Revenue Code gives business owners the option of depreciating “heavy vehicles and equipment” as normal, or taking an immediate $25,000 deduction in the year of purchase. Prior to 2010, the upper limit was $500,000 and the provision came to be known as “the Hummer loophole” because so many business owners bought those enormous vehicles in order to claim the deduction. The key here is that the gross vehicle weight rating for the new Tesla Model X will likely be in excess of 6,000 pounds, (The GVWR includes curb weight plus the weight of passengers and luggage.) The car itself has a curb weight of about 5,700 pounds. Whether or not this is a big deal depends on how you crunch the numbers. For a business that buys one Model X, the Section 170 deduction may pay off, but you need to check with your accountant. Anyone buying 2 or more Model X SUVs would probably be better off using regular depreciation rules. Barry Brents, a tax attorney and expert tells Charged EVs: “The 2015 overall cap on section 179 deductions is so low ($25,000 with a $200,000 cost limit) that the benefit would probably only be a little better than regular depreciation deductions for most businesses. Unfortunately, businesses couldn’t claim section 179 deductions for a fleet of new Teslas, since the already low $25,000 cap gets reduced dollar for dollar to the extent that the total cost of 179 property exceeds $200,000.” Will the new Tesla Model X qualify for the Section 179 deduction? Probably yes. Will that deduction save you any money on your taxes? Probably no. Always seek advice from a competent tax professional before making a decision that may affect your tax liability. [© ecomento.com] https://chargedevs.com/newswire/tesla-model-x-will-probably-qualify-for-the-hummer-tax-loophole-what-does-that-mean/ Tesla Model X will probably qualify for the Hummer Tax Loophole. What does that mean? September 8, 2015 by Charles Morris [image https://chargedevs.com/wp-content/uploads/2015/09/tesla-model-x-signature-series-1.jpg ] Oh the irony! Could something called the Hummer Tax Loophole end up supercharging sales of Tesla’s new Model X? Section 179 of the federal tax code allows taxpayers to immediately deduct the cost of certain assets, including “heavy vehicles and equipment,” instead of depreciating them over time. Electrek reports that this became known as the Hummer Tax Loophole, because a number of businesses took advantage of it to buy hulking Hummers. The party petered out when the IRS reduced the maximum amount of the deduction from $500,000 to $25,000, though there is an active lobbying effort to restore the loophole to its former glory. Under Section 179, an SUV with a gross vehicle weight rating (GVWR) of over 6,000 pounds is eligible for the tax goodie. Although Tesla hasn’t confirmed exactly what the Model X will weigh, it could easily be over 6,000 pounds. Could a business upgrade to a fleet of Model X, and get a tasty tax treat, too? Barry Brents, a tax attorney and expert on EV incentives, burst our bubble. “The 2015 overall cap on section 179 deductions is so low ($25,000 with a $200,000 cost limit) that the benefit would probably only be a little better than regular depreciation deductions for most businesses,” Brents told Charged. “Unfortunately, businesses couldn’t claim section 179 deductions for a fleet of new Teslas, since the already low $25,000 cap gets reduced dollar for dollar to the extent that the total cost of 179 property exceeds $200,000.” There is hope for those who love loopholes, however. The large-vehicle-loving lobbyists are still at work trying to increase the limits. [© 2015 Isentropic Media] http://www.insidercarnews.com/the-tesla-model-x-was-designed-for-women/ The Tesla Model X Was Designed For Women [20150922] Tesla has finally launched its third vehicle, the second one the company has built ... Electric cars will start catering to women more ... For EVLN EV-newswire posts use: http://evdl.org/evln/ {brucedp.150m.com} -- View this message in context: http://electric-vehicle-discussion-list.413529.n4.nabble.com/EVLN-Tesla-Model-X-may-qualify-for-Section-179-tax-loophole-tp4677765.html Sent from the Electric Vehicle Discussion List mailing list archive at Nabble.com. _______________________________________________ UNSUBSCRIBE: http://www.evdl.org/help/index.html#usub http://lists.evdl.org/listinfo.cgi/ev-evdl.org Read EVAngel's EV News at http://evdl.org/evln/ Please discuss EV drag racing at NEDRA (http://groups.yahoo.com/group/NEDRA)
