Now that the EV credit is going away in a couple months, how does everyone think this will affect leases and the mentality about getting cars off the lot for the foreseeable future? Because there’s only a few months left, will dealerships try and offer better incentives in order to get rid of inventory before the timer runs out? Might totally be misinterpreting this but trying to figure out if I should jump at finding a lease now or maybe see what shakes out in a month.
You need a crystal ball to know that answer
Im more interested in figuring out how does the tax deduction for vehicles work when the vehicle is leased…
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I’m gonna say they won’t allow deduction on that but obv I have no clue. I’d imagine it’ll be domestic vehicles and you can deduct interest on financing up to a certain income limit
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You also can’t claim the deduction when financing a:
- Leased vehicle
- Fleet of vehicles
- Commercial vehicle that’s not for personal use
- Vehicle with a salvage title
- Vehicle used for scrap or parts
- Vehicle you previously purchased using a personal cash loan
It’s also unclear if this is for new and used car loans.
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It doesn’t
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I think you can double stack the 10k interest credit with the 7500 credit at the same time until like Sep. I mean, 10k interest is only like 5k saved if you’re in the top bracket
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Gotta squeeze out that 5k on your Lambo loan!
The American car loan deduction phases out at $100k for single and $200k for joint filers. That’s not top bracket by a long shot. Basically poverty level in California.
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Certainly benefits wealthy folks that can manipulate low paper income…
Think retired folks with large investment accounts.
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Or real estate investors! 
So the most you save is 2k LMAOOOOOOOOOOOOOOOOOOOOOO. The depreciation on EVs is like 10 times the tax deduction
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Yeah, but a wealthy retired couple with investments living on less than $200k per year with a 1099-R on those distributions being reported to the IRS?
Not hard to spend $200k a year pre-tax in retirement as a couple, especially in an expensive state when it comes to property taxes, some travel, etc.
Not wrong, but the IRA assets are always spent down last except in the case of RMDs for those with proper planning. You can just ship the RMD off via QCDs though to offset. Most just have to keep the dividends/interest income under the limit and tax loss harvest at every single opportunity they get.
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I hope the people who supported this bill eventually face the consequences of their decision.
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i think we will face those consequences far sooner than anyone who supported this bill.
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There was a period after 30d went online and before 45w was discovered that cheap leases were far apart
Anonymous broker survey:
What percentage of your brokered deals over the last 12 months involved a PHEV or EV?
- greater than 75%
- 50-75%
- 25-49%
- <25%
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