i7 qualify for Section 179 tax?

jbrucebmw · 11-21-2022, 03:36 PM

Does anyone know if the i7 qualifies for section 179 tax deduction in the US? The GVWR is over 6000lbs but I don't see it on any of the IRS lists I can find online. Thanks.

Lovin7er · 11-21-2022, 06:15 PM

Quote:

Originally Posted by jbrucebmw

Does anyone know if the i7 qualifies for section 179 tax deduction in the US? The GVWR is over 6000lbs but I don't see it on any of the IRS lists I can find online. Thanks.

I believe the latest legislation that was passed took out all federal tax credits for anything but American made cars.

It seems to me that there are state tax credits, which I was able to get on an EQS Sedan that I ordered.

jbrucebmw · 11-21-2022, 07:33 PM

I'm not talking about EV tax credits. I am talking about Section 179 business tax deduction for vehicles over 6000lbs in gross vehicle weight. These have traditionally been used with work trucks and more recently with large luxury SUVs (G-Wagons, GL etc.). It seems like theoretically this should work with the i7.

bimmer32 · 11-30-2022, 08:46 PM

Quote:

Originally Posted by jbrucebmw

I'm not talking about EV tax credits. I am talking about Section 179 business tax deduction for vehicles over 6000lbs in gross vehicle weight. These have traditionally been used with work trucks and more recently with large luxury SUVs (G-Wagons, GL etc.). It seems like theoretically this should work with the i7.

Both the EQS and the i7 m60i is still 80 lbs shy of 6000 lbs. gross weight.

nyranger74 · 12-01-2022, 05:11 PM

Quote:

Originally Posted by bimmer32

Quote:

Originally Posted by jbrucebmw

I'm not talking about EV tax credits. I am talking about Section 179 business tax deduction for vehicles over 6000lbs in gross vehicle weight. These have traditionally been used with work trucks and more recently with large luxury SUVs (G-Wagons, GL etc.). It seems like theoretically this should work with the i7.

Both the EQS and the i7 m60i is still 80 lbs shy of 6000 lbs. gross weight.

I don't believe that is true. The curb weight for the i7 is over 5900 pounds.

SW17LS · 12-04-2022, 06:28 PM

The vehicle has to be a multipurpose vehicle and over 6,000 lbs GVWR to qualify for the 179 deduction, a sedan cannot qualify.

meko · 12-23-2022, 10:50 PM

Quote:

Originally Posted by SW17LS

The vehicle has to be a multipurpose vehicle and over 6,000 lbs GVWR to qualify for the 179 deduction, a sedan cannot qualify.

Is that sedan part 100% fact? I’m looking into this option as well. I thought multipurpose meant it’s use can be twofold and applied to anything over 6000 gvwr. If not that changes my 2023 plans.

AlteBMW · 12-24-2022, 09:25 AM

I am not a CPA or a tax attorney but I did google section 179 and I found references that dealt with foreign cars (Mercedes G) as well as passenger cars under sec 179. 6000lbs seems to affect what the maximum deduction is.

My read is it is worth consulting with a professional on deductibility. I would not rely on advice on this issue on an Internet forum.

hufington · 12-30-2022, 02:10 PM

A sedan does not qualify for Section 179, an SUV/SAV like G-Wagon, yes.

11-21-2022, 03:36 PM	#1
jbrucebmw jbrucebmw 10 Rep 159 Posts Drives: 09 M5 95 M3 85 M635CSi... Join Date: Apr 2007 Location: Los Angeles \| Newport Beach iTrader: (0)	i7 qualify for Section 179 tax? Does anyone know if the i7 qualifies for section 179 tax deduction in the US? The GVWR is over 6000lbs but I don't see it on any of the IRS lists I can find online. Thanks. __________________ jbrucebmw BMW CCA LA & GGC 09 M5 \| 08 E90 M3 \| 95 M3 3.2 \| 85 M635CSi \| 73 2002tii
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11-21-2022, 07:33 PM	#3
jbrucebmw jbrucebmw 10 Rep 159 Posts Drives: 09 M5 95 M3 85 M635CSi... Join Date: Apr 2007 Location: Los Angeles \| Newport Beach iTrader: (0)	I'm not talking about EV tax credits. I am talking about Section 179 business tax deduction for vehicles over 6000lbs in gross vehicle weight. These have traditionally been used with work trucks and more recently with large luxury SUVs (G-Wagons, GL etc.). It seems like theoretically this should work with the i7. __________________ jbrucebmw BMW CCA LA & GGC 09 M5 \| 08 E90 M3 \| 95 M3 3.2 \| 85 M635CSi \| 73 2002tii
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12-04-2022, 06:28 PM	#6
SW17LS Private First Class 60 Rep 124 Posts Drives: 2020 Mercedes S560 Join Date: Aug 2020 Location: Gaithersburg, MD iTrader: (0)	The vehicle has to be a multipurpose vehicle and over 6,000 lbs GVWR to qualify for the 179 deduction, a sedan cannot qualify.
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12-24-2022, 09:25 AM	#8
AlteBMW Lieutenant Colonel 729 Rep 1,597 Posts Drives: '23 760ix; '23 X3; '23 MB wgn Join Date: Mar 2014 Location: New York iTrader: (0) Garage List 2023 X3 x30 [0.00] 2023 BMW 760ix [10.00] 2023 Mercedes E450 ... [0.00]	I am not a CPA or a tax attorney but I did google section 179 and I found references that dealt with foreign cars (Mercedes G) as well as passenger cars under sec 179. 6000lbs seems to affect what the maximum deduction is. My read is it is worth consulting with a professional on deductibility. I would not rely on advice on this issue on an Internet forum. __________________ BMWCCA Current: 23 760ix (Carbon Black/Tartufo) (after first one totaled) '23 X3; '23 MB E Wagon Prior: BMWs (3,5,7 & 8 series (2x!)) X3, MB (C, E, and S), Alfa GTV, MGB, Audi (A4, A6), Saab, Volvo, Toyota, Lincoln, Chrysler, Oldsmobile, Chevy, Rambler.
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12-30-2022, 02:10 PM	#9
hufington Major 3121 Rep 1,354 Posts Drives: 2022 X5 m50i Join Date: Mar 2010 Location: North East iTrader: (0) Garage List 2018 Mercedes-Benz ... [0.00]	A sedan does not qualify for Section 179, an SUV/SAV like G-Wagon, yes. __________________ 2022 BMW X5 m50i 2024 MB S63 on order '18 X5 50i / '16 BMW F10 550xi / '13 BMW F10 535i / '07 BMW E64 630i / '03 BMW E65 745i / '95 BMW E34 540i / '89 BMW E30 M3
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