Docusign tax related received from Lucid

[Blue Lectroid]

The tours would be worth it, but with the 8 vehicle Refferal limit how would you achieve the tours? Over years of saving up? I think the limit is kinda silly, I understand it’s good to get full price but a Refferal from a friend who has a lucid is going to be a long term relationship since the person can go to their friend with questions and issues.

That’s kinda like me and my friends @Denali_Dane ;I got him to purchase a Lucid and I’m sure if he had any non-warranted easy problems he would come to me for quick answers.

Even if they find a random code on this forum it still gets them here to the community who loves this car and wants to see it succeed.

The referral limit is now FOUR! I hit it in the first 3 weeks of the year!!! Which is super silly...why limit THAT at all? Shouldn't Lucid want me selling as many cars for them as possible? Early on in my Tesla life (back in 2018), I referred over 20 people for cars within two years...I got TONS of referral points resulting in what I thought was going to be free Supercharging for life. Well, Tesla zeroed out my points after like 2 or 3 years and I never got to use even a fraction of them!

 

[californiaboy935]

The referral limit is now FOUR! I hit it in the first 3 weeks of the year!!! Which is super silly...why limit THAT at all? Shouldn't Lucid want me selling as many cars for them as possible? Early on in my Tesla life (back in 2018), I referred over 20 people for cars within two years...I got TONS of referral points resulting in what I thought was going to be free Supercharging for life. Well, Tesla zeroed out my points after like 2 or 3 years and I never got to use even a fraction of them!

Wow! I can’t believe they limited it to four. 4!

I don’t think any factory tours will be in my future unfortunately. Even though I love the brand and would sell a ton of these to friends just by handing them the keys to mine (3 already have) but not getting any show of love back really sucks.

Won’t stop me from liking the car but the taxes and no way to achieve the meaningful rewards due to limitations in Refferal numbers will keep me from plugging in my Refferal code next time I wanna sell this co. to a friend.

 

[Bobby]

Yeah, makes me rethink referring my friends last year. Having the points be valued at .125 really makes it impossible to justify. The reality of taxes is harsh but a little more in the way of generosity (as other have said valuing the points less or charging less for the items) from Lucid would have been nice.

As others have said there is nothing we can do now, but I think Lucid would be better off implementing some changes to make the Refferal program more attractive.

I’m awaiting an email back from my tax advisor but I wonder when the taxable event is triggered in this transaction. When the Refferal points are paid, or when they are redeemed.

I’d argue when paid but it seems like from the comments above they are sending out the 1099-Miscs to reflect only points which were used.

You don’t need to ask your tax advisor, the referral points are taxed when they are redeemed and when the redemption value exceeded $600. That has been covered on the forum several times.

 

[onyxjade]

I intend to report a deduction to the FMV of the items received on my tax return to arrive to what I believe to be the actual FMV of the items assuming Lucid is unwilling to amend the 1099-MISC. The code only requires you to report actual FMV so I believe as long as you can find comparable items available on the web at a much lower cost, you'd have proper justification to take the adjustment to FMV. Just need to properly disclose it on the return so that you don't run into a mismatch error on your return.

 

[Neurio]

Comparable items on the web? Other than the tours and signed lithograph, every item that can be redeemed for points is for sale in the Lucid store

 

[Bobby]

I intend to report a deduction to the FMV of the items received on my tax return to arrive to what I believe to be the actual FMV of the items assuming Lucid is unwilling to amend the 1099-MISC. The code only requires you to report actual FMV so I believe as long as you can find comparable items available on the web at a much lower cost, you'd have proper justification to take the adjustment to FMV. Just need to properly disclose it on the return so that you don't run into a mismatch error on your return.

Seems like a lot of effort for very little gain.

 

[Negan1000]

I just received the 1099 from Lucid for a referral I did. Total amount reported was $739. I received a car cover, a sweatshirt, and 2 mugs. I'll definitely never refer another car again, with state and federal taxes, the total amount could work out to be as high as $350. Can't imagine spending that much on those 4 items.

Casinos issue 1099 on single winnings over $1200.

 

[onyxjade]

Why would Lucid be willing to amend? What was the value of your

Seems like a lot of effort for very little gain.

It's literally just a one line entry on the tax return and a quick two sentence explanation. For items like car covers, mugs, etc there's plenty of comparables on Amazon.

Maybe the factory tour or something else a little more exotic is harder to price. The rest of the items take no time at all.

 

[borski]

The tours would be worth it, but with the 8 vehicle Refferal limit how would you achieve the tours? Over years of saving up? I think the limit is kinda silly, I understand it’s good to get full price but a Refferal from a friend who has a lucid is going to be a long term relationship since the person can go to their friend with questions and issues.

If you paid your own travel, the tours were 25k points. Also, the limit is four vehicles per year now, not eight.

 

[californiaboy935]

If you paid your own travel, the tours were 25k points. Also, the limit is four vehicles per year now, not eight.

Still, not able to collect many points with the current system. You don’t always know what car people will end up with so if I used one of my four and the person buys an air instead of a GT like @Blue Lectroid then where would I be?

I know it’s petty, but I don’t work for Lucid and if they don’t incentivize people to refer people then I think those Refferal sources will dry up. Possible hurting the grass roots movement around this vehicle.

 

[borski]

Still, not able to collect many points with the current system. You don’t always know what car people will end up with so if I used one of my four and the person buys an air instead of a GT like @Blue Lectroid then where would I be?

I know it’s petty, but I don’t work for Lucid and if they don’t incentivize people to refer people then I think those Refferal sources will dry up. Possible hurting the grass roots movement around this vehicle.
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Sure, I don’t disagree. I was just clarifying the facts.