KLURT: Since when is there $70k worth of tax savings on electric cars? And I'd love to buy a $126k car and not be about to use it 1/3 of the time because I'm renting it out just to afford it. Insurance will love it.

Because the vibes are bad right now, here’s something we can all laugh at

Since when is there $70k worth of tax savings on electric cars? And I'd love to buy a $126k car and not be about to use it 1/3 of the time because I'm renting it out just to afford it. Insurance will love it.

I saw this elsewhere and he's apparently misunderstood something in the tax codes AND confused tax deductions with credits.

I am screeching with delight

This is what I came here for

My guess, he's using it as a "business" vehicle

He's still not going to get $70k in tax benefits.

With any luck he tries and gets smacked by the IRS

Like an Uber?

He's gonna learn about ROI the hard way.

Also gonna learn just cause the car costs 70k doesn’t mean you get the full 70k off your tax bill, much less any APPORTIONED percentage since he is posting that it’s a ‘cool vehicle’, means it has personal value for him, so he’d be able to get even less of a credit. If any.

dude has confused "write off" with "tax credit" and that's not even with amortization and depreciation factored in. gonna love seeing the conclusion to his story, those tears'll rust his buckst

oh and made the classic mistake of "i use it for business, it's a write-off" you only use it for business 3 days a month you only get to write off 3 days worth of use on it 🤣

I'd have marginally more respect for him if he drove for Uber

Lol

Post