GVWR of GV80

[Londoner01]

From what I’ve seen the difference is due to 7 seats vs 5 seats.
In US Prestige trim is a 5 seat but in Canada it is a 7 seat SUV.

Yes I can see if my 7 seater was carrying 7 people great, maybe need the extra air pressure versus the 5 seater. But 99.9% of the time my Prestige 7 seater is only carrying 2 people. The extra weight of the 3rd seat might be 100-200 pounds,
Maybe I can compromise and use 35psi in the front and 38psi in the rear tires. My the way I am including pictures of the Michelin tire specs..
Can someone check their GV80 Prestige and see if exactly same tires.

 

[seansellsgenesis]

Does anyone know what the gross vehicle weight rating will be on the GV80? Plus 6K lbs for maximum tax benefits?

The gross vehicle weight on a 3.5T - Prestige is: 6,108 lbs (I sell Gv80's at Genesis of Plano). Sean Napoles

 

[Londoner01]

The gross vehicle weight on a 3.5T - Prestige is: 6,108 lbs (I sell Gv80's at Genesis of Plano). Sean Napoles

By Genesis Canada site, the GVWR for the GV80 Prestige (7 seater) is 6525 lbs.. Genesis does not sell a GV80 Prestige 5 seater in Canada.

 

[Webmoto]

Yes I can see if my 7 seater was carrying 7 people great, maybe need the extra air pressure versus the 5 seater. But 99.9% of the time my Prestige 7 seater is only carrying 2 people. The extra weight of the 3rd seat might be 100-200 pounds,
Maybe I can compromise and use 35psi in the front and 38psi in the rear tires. My the way I am including pictures of the Michelin tire specs..
Can someone check their GV80 Prestige and see if exactly same tires.

View attachment 33705View attachment 33706View attachment 33707

Same model, size, etc, on my GV80 Prestige.

 

[G-109342]

So how do you find out, I just purchased the GV80 with 22" wheels, 3.5 liter twin turbo and NO third row?

 

[G-527759]

Over 6K GVWR, you can take 100% 'special / bonus' depreciation in the first year.
Less than 6K and you're limited to 25K deduction.

 

[mlb007]

Over 6K GVWR, you can take 100% 'special / bonus' depreciation in the first year.
Less than 6K and you're limited to 25K deduction.

I could be wrong but pretty sure SUV's only qualify for a % versus a truck. Capped at 25k???

 

[mlb007]

So how do you find out, I just purchased the GV80 with 22" wheels, 3.5 liter twin turbo and NO third row?

Its on the door tag and in the paperwork. Not the actual weight of "your" car and most manufacturers big vehicles are just shy of 6k (lots of 5995's) to not be classified as commercial vehicles for quota/tax/import/etc reasons. Pretty sure I saw somewhere that the AWD versions are over and the 2wd under, but I just glanced at it as I'm not buying for my biz.

 

[TurtleBoy]

I could be wrong but pretty sure SUV's only qualify for a % versus a truck. Capped at 25k???

My understanding is the cap of $25k does not apply for vehicles above 6k lbs and they qualify for the bonus depreciation.

 

[mlb007]

Its on the door tag and in the paperwork. Not the actual weight of "your" car and most manufacturers big vehicles are just shy of 6k (lots of 5995's) to not be classified as commercial vehicles for quota/tax/import/etc reasons.

My understanding is the cap of $25k does not apply for vehicles above 6k lbs and they qualify for the bonus depreciation.

the deduction is only for vehicles over 6k. There is no Sec 178 (or whatever it is) for cars with GVWR less than 6k.
So the the breakdown of limits is on the SUV versus truck. This is a commercial vehicle incentive program. SUV's were never part of the plan when it started and were retricted to a % of the purchase price with a cap for at least the last 5 years. I've purchased 3 vehicles using the tax break. And of course this is only for commercial use.
There not really a bonus, it just lets you take all the depreciation in the first year versus over the next 7. Great for this year. But then you have no tax break for years 2-7 when you would normally be depreciating it. So it's a great thing on a year when you have extra profits and need more tax breaks (and need a vehicle). But otherwise it's a wash tax wise.

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[mlb007]

• List of Vehicles with GVWR exceeding 6,000 lbs.
• Under the current tax law, vehicles with a GVWR of 6,000 lbs or more are exempt from annual depreciation caps.
• Section 179(a) allows a taxpayer to elect to treat the cost (or a portion of the cost) of any § 179 property as an expense for the taxable year in which the taxpayer places the property in service.
• IRS Tax Code 179 – Depreciation of Vehicles
• The tax deduction for business autos is equal whether they are bought outright, leased, or financed
  

Limits for Cars, Trucks, SUVs or Crossover Vehicles with GVW above 6,000lbs
Certain cars or trucks (with a gross vehicle weight rating higher than 6,000 lbs. but don’t exceed 14,000 lbs.) qualify for withholding up to $25,000 if the car/truck is acquired and placed in service prior to Dec 31st and meets all other IRS qualifications.

Below is a list of vehicles that qualify for this exemption. These vehicles are designated by the manufacturer as trucks.

Please consult with a CPA before purchasing any of these vehicles and check the owner’s manual.

IRS Section 179 depreciation deduction:
Up to $25,000 of the cost of vehicles rated between 6,000 lbs GVWR and 14,000 lbs GVWR can be deducted using a section 179 deduction. This limitation on sport utility vehicles does not impact larger commercial vehicles, commuter vans, or buses.

 

[TurtleBoy]

^ That is not correct according to all of the sites that I just read. There is no $25k cap with the bonus depreciation. This will be phased out starting in 2023. I think you may be confusing the two.

Doesn't make any difference to me and everyone should do their own research.

Edit: Here are a couple of links with some information.

Section 179 Deduction Vehicle List 2023-2024

We have compiled a detailed list of Section 179 Deduction Vehicle List 2023-2024. These vehicles qualify for Section 179 & Bonus Depreciation

taxsaversonline.com

2021 Tax Code 179 and Bonus Depreciation Guide

Our updated 2021 Tax Code Section 179 guide for self-employed and business owners who buy qualifying vehicles in the 2021 calendar year.

www.carprousa.com

 

[mlb007]

well I certainly didn't make it up.
And it's not 2023

 

[TurtleBoy]

well I certainly didn't make it up.
And it's not 2023

Never mind, you aren't even reading or trying to understand the situation.