I drove Harsha's GT on Sunday and I really did not see much difference vs Pure AWD. It depends on how we drive I guess. I did drive on the surface streets and one 680 tried 80mph.
For everyday driving, they are essentially the same. It's when you get into the curves and canyons is where it's different.
Don't want to burst your bubbles, but you may want to check again. It's a Sedan, the only way for a sedan to qualify for Section 179 is if the curb weight is more than 6000 pounds. However, you can still depreciate it, just not 80%, about $21k in the first year.
taxsaversonline.com
This article is very wrong, it even tells you to do a 100% bonus when in 2023, you can only do 80%. I'd suggest you ask another accountant if your existing accountant is telling you a yes. A sedan isn't treated the same as an SUV. I just don't want you to get any trouble. Check with another resource. You can do whatever you want until you are audited.Lucid Air Tax Write Off 2022-2023(Best Tax Deduction)
Is Rivian R1S Tax Write Off 2021-2022? Learn How IRS requirements that allows you to get full (100%) Deduction of Rivian R1S
Qualifies for all bonus
Weight is over 6000 using gvwr
My accountant actually owes one and it did
qualify. The GT does Pure and Touring don’t
GT gvwr is 6285
Lucid Air Gross Vehicle Weight
2023 Lucid Air Gross Vehicle Weight is 6283 lbs.
Hence, this vehicle Qualifies for the 6000 Pound or more requirement(Per IRS) and using a combination of Section 179 and Bonus Depreciation you can get 100% Deduction on a vehicle purchase price including Fees and Sales Taxes.
All good here. I trust my acct
I certainly wish you the best of luck. I'm a CPA, but I do not practice tax law and have been wrong on some occasions. A sedan is not multi-purpose and does not qualify, just like an i7 won't. Your tax, your life, good luck!
The tax code is confusing around this, but the general consensus is ANY vehicle over 6k gvwr qualifies. I too looked into this and believe @EXOTIC2 is correct, although it is only 80 percent as you said.
Well before he purchased the GT… he had a Bentley flying spur which on his own irs return also qualified per our discussion last week on the matter. I’m not really concerned.
Also, are you sure the pure gvwr is not over 6k?Well before he purchased the GT… he had a Bentley flying spur which on his own irs return also qualified per our discussion last week on the matter. I’m not really concerned.
We will apply for all deductions possible (179 & bonus) and if not, we will go from there at the end of 2024 tax season.
As you know, there is a lot of gray matter in the code in there are very few sedans that weigh in at 6000 GVWR I do appreciate you though letting me know the concerns and they are appreciated.
Before the existence of EVs, almost all vehicles over 6k is an SUV/Trucks. The way the law is written, anything vehicle with 6000 pounds of curb weight qualifies, but there are exceptions for multi-purpose vehicles, like an SUV. Then it'll qualify based on gross weight. If his accountant is that confident, then it must be. It's the opposite of what mine has said. I choose not to get audited just to save a few dollars.
As a caveat, I did make the call to the IRS earlier this week to ask a few questions. They seemed universally confused as I spoke to two different representatives. In the end I confirmed weight and business info. Neither representative even knew what a lucid was. I informed them that it was a heavy 6000 pound sedan.
CPA is just a title from my days as an accountant at Big 4 firms. Don't do anything related to the actual accounting work anymore. I'm not sure what you mean by different audits? In any case, you don't want to raise any red flags, that's just me.
Understood. That’s why I’m doing my due diligence and documenting all info/ correspondence, It would be great if it wasn’t a gray area and we could get 100% confirmation.
To those who are wondering about the difference in terms: GVWR (Gross Vehicle Weight Rating) is the maximum weight a vehicle is rated to safely carry, including its own weight and the weight of passengers and cargo. Curb weight, on the other hand, is the weight of the vehicle without any passengers, cargo, or additional load. The GVWR provides a safety limit for the total weight the vehicle can handle, while curb weight gives you an idea of the vehicle's weight when it's empty.Lucid Air Tax Write Off 2022-2023(Best Tax Deduction)
Is Rivian R1S Tax Write Off 2021-2022? Learn How IRS requirements that allows you to get full (100%) Deduction of Rivian R1S
Qualifies for all bonus
Weight is over 6000 using gvwr
My accountant actually owes one and it did
qualify. The GT does Pure and Touring don’t
GT gvwr is 6285
Lucid Air Gross Vehicle Weight
2023 Lucid Air Gross Vehicle Weight is 6283 lbs.
Hence, this vehicle Qualifies for the 6000 Pound or more requirement(Per IRS) and using a combination of Section 179 and Bonus Depreciation you can get 100% Deduction on a vehicle purchase price including Fees and Sales Taxes.
I cannot opine on Touring or Pure. Yes, the 20's look the best to me too. My AGT has 19s and I use winter compound tires seasonally. I have driven AGT loaners with the 20s and 21s and found that cornering with them was far better than with the 19s on AS or winter tires. I also found that the ride was better on the 20s and 21s than on the 19s. This is probably due to the much higher psi required for the 19s. I did not get the 19s for range but for the availability of winter compound tires in late 2022. The fact is that summer compound tires and the 20" Michelins are excellent. When driving in freezing temperatures please be mindful of their lack of grip even on dry surfaces, much less slick roads. I will get a set of 20s when Michelin or Nokian winter compound tires are available for Lucids. (I have not checked lately but will before next winter.)
