- Joined
- May 14, 2024
- Messages
- 84
- Reaction score
- 117
- Current Ride
- 2021 Jeep Gladiator Mojave
- Current Ride #2
- 2021 Tesla Model Y Performance
I am not a CPA nor do I play one on tv. But my CPA is one of the best in Florida. The fact that you need it by the last day of the year in 2024 has me assuming you are going the route of Section 179 or bonus depreciation (and not just standard depreciation)… you mention here that you can get a new vehicle in 2024, play with it, and get RHO next year for even more tax savings. Please talk to your CPA about depreciation recapture. You have to keep your vehicle for 5 years according to the IRS. When doing section 179, your vehicle gets depreciated to $0.00 on your books. Anything you sell or trade it in for within 5 years will go against you as taxable income. If you trade the TRX in next year for $75,000… that’ll be $75,000 of taxable income. I realize I am just talking out of my ass and going by context clues! Believe me I want Uncle Sam as far away from my pockets as possible!!!! Just giving you a heads up on something you may not have thought of, or something your CPA may have failed to mention.That's my exact dilemma. I need the tax write-off for 2024, and the TRX also scratches my itch. I would much rather have the RHO for a number of reasons, particularly the gas mileage. My thought would be to buy it and play for a year, then sell it and just order the RHO in year two so I can get the tax credit for next year as well. I'm sure I'd take a hit on the resale, but the tax savings I'd enjoy wash that away. All this would be a non-issue if I was certain the RHO will be delivered before end of 2024.