Finance under business

[N33raj94M3]

Im ordered a Model x LR.

I know under your personal name the cap for msrp is $80k.

Is that the same if you finance it through your business company? Or is there no cap? Theres a Model x in stock locally for $81000

 

[ewoodrick]

Are you talking about tax credit?

Insurance may be much more expensive if it is in the name of a company.

 

[N33raj94M3]

Are you talking about tax credit?

Insurance may be much more expensive if it is in the name of a company.

Yes the $7500 tax credit. Is it the same msrp cap of $80,000 for the tax credit.

Or can it be more

 

[cgell]

Yes the $7500 tax credit. Is it the same msrp cap of $80,000 for the tax credit.

Or can it be more

The cap is $80k for SUVs, no exceptions. $7,500 max. There is a different tax credit for commercial vehicles that goes up to $40k, but SUVs don't even come close to meeting the requirements.

 

[Madmacs]

Are you sure about that? I’m looking at the IRS website and it states “The maximum credit is $7,500 for qualified vehicles with gross vehicle weight ratings (GVWRs) of under 14,000 pounds and $40,000 for all other vehicles.”

There’s no limit on cost, just on the credit.

I’m citing this page:

Commercial Clean Vehicle Credit | Internal Revenue Service

Businesses and tax-exempt organizations that buy electric vehicles and mobile machinery may qualify for clean vehicle tax credits up to $40,000.

www.irs.gov

 

[cgell]

You're looking

Are you sure about that? I’m looking at the IRS website and it states “The maximum credit is $7,500 for qualified vehicles with gross vehicle weight ratings (GVWRs) of under 14,000 pounds and $40,000 for all other vehicles.”

There’s no limit on cost, just on the credit.

I’m citing this page:

Commercial Clean Vehicle Credit | Internal Revenue Service

Businesses and tax-exempt organizations that buy electric vehicles and mobile machinery may qualify for clean vehicle tax credits up to $40,000.

www.irs.gov

Looks like you're right. Maybe it really can get the $7,500 for commercial use.

 

[ewoodrick]

Are you sure about that? I’m looking at the IRS website and it states “The maximum credit is $7,500 for qualified vehicles with gross vehicle weight ratings (GVWRs) of under 14,000 pounds and $40,000 for all other vehicles.”

There’s no limit on cost, just on the credit.

I’m citing this page:

Commercial Clean Vehicle Credit | Internal Revenue Service

Businesses and tax-exempt organizations that buy electric vehicles and mobile machinery may qualify for clean vehicle tax credits up to $40,000.

www.irs.gov

Doesn't "all other vehicles" then indicate over 14,000 pounds?

For which it would take 3 Model Xs to be?