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Tesla New Referral program Good or Bad for them

  • Good

    Votes: 5 18.5%
  • Bad

    Votes: 2 7.4%
  • Everyone win

    Votes: 20 74.1%

  • Total voters
    27
  • Poll closed .

TrevP

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I just hope you get roadsters one day. I’m not sure how much I would count on you getting them both at the same time. They’ll probably show up 12 months apart just to mess up your finances. Are the free ones first in line or will they only be supplied once all the paid ones are built. Maybe there will add a button to the app where you can select wherever you want your roadster sooner or later. You’ve earned it, they just need to get them built while Elon is still involved.
Probably not at the same time but the referral program rules clearly state they must be claimed within 12 months of them becoming available to order
 

TrevP

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One other thing, based on comments and pricing there’s a good chance the Founder’s edition could come fully loaded with the SpaceX package. That would certainly keep the Founder’s in rarified atmosphere as far as retail value is concerned. We’ll see
 

Ken Voss

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Agreed!

Winning 1 Roadster basically means you get it for the price of a Long Range S.

Obviously an amazing deal, but deal or not you have to be in the market to spend $90k on your car.

I know for me personally, winning 1 means I would sell it without second thought. Winning 2 and I would sell 1 for sure and probably 90%+ chance I sell the second one.

Where I ended up with a 38% (I think) discount on the Roadster I'm playing the numbers game to see what makes sense. I already have a buyer lined up, but I'm not going to do it if it doesn't make sense.

$250,000 x 7% tax = $17,500
Delivery + tag + title = $2,500
$250,000 x 62% (the part I owe) = $155,000

I'm at $175,000 up front that I have to come up with to take the car.

Now I sell it for $200,000 and I clear $25,000

I receive a 1099 at the end of the year for ($250,000 x 38% "the discount) = $95,000

I don't know what the tax will be on that $95,000, but I surmise it's awfully close to the $25,000 cash I make rendering this an exercise in futility aside from getting 1 drive in a Roadster this is "mine" for however short a period of time it is.
Clearly everyone has different income tax considerations. Forst let me say that I am NOT a CPA and don't even play one on TV, but a winner might want to consider this question and apply it to their own tax situation:

If the value that you are taxed on is $250k and you simultaneously sell it for lets say $200k doesn't the IRS allow you take a $50k capital loss and use it to offset capital gains? If so selling it for say $175k would give you a $75k loss to offset any capital gains you may have, if you are in the 37% tax bracket that would give you an additional $28k to work with. If there is a CPA watching please weigh in.
 
  • Informative
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FRC

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I am an EX-CPA. And ex as of 35+ years ago. The taxable amount of this award (US tax law) is the fair market value of the award. So, if you immediately flipped the car, your income would be the amount for which you could sell it in an arms-length transaction. Presumptively, that amount would be what you sold it for to an unrelated party. What Tesla sells the same car for is less important than what the awardee can sell his car for. However, if the awardee drives the car for a bit (10, 100, or 1000 miles), the issue gets more murky. In this case, the taxable value of the award becomes what you can sell it for PLUS the value of using it for a bit. Then the IRS might contend that your value of use is equal to the reduction of your sales price from full retail (and they very well might win). But if your unused award commands only, say, $180,000; then $180,000 is the sum total of your taxable benefit.

Obviously, with amounts a s large as this, it's a GREAT idea to spend a few hundred bucks to get expert advice. Be real careful, taking your car for a joy ride could cost you many thousands of tax dollars.
 

SoFlaModel3

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Here’s an idea. I know they’re planning on it being a special Limited edition roadster, But how about making this version a limited edition to the number of people who won it plus about 100 additional or so to make it legit. Sell this version of roadster for $150,000 until it sells out. This way the winners and the hundred people who were able to get their orders in at the magic hour can resell their vehicles at a sweet profit and Elon could regain his hero status. I’m concerned it will be the limited edition $300,000 version before it comes out.

They need to call this version of the roadster Beta, a great excuse for it not being full price.

Elon electrify Cuba

If I recall correctly the Founders Edition is limited to 1,000 units at $250,000. The base Roadster is $200,000.
 
  • Agree
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SoFlaModel3

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I am an EX-CPA. And ex as of 35+ years ago. The taxable amount of this award (US tax law) is the fair market value of the award. So, if you immediately flipped the car, your income would be the amount for which you could sell it in an arms-length transaction. Presumptively, that amount would be what you sold it for to an unrelated party. What Tesla sells the same car for is less important than what the awardee can sell his car for. However, if the awardee drives the car for a bit (10, 100, or 1000 miles), the issue gets more murky. In this case, the taxable value of the award becomes what you can sell it for PLUS the value of using it for a bit. Then the IRS might contend that your value of use is equal to the reduction of your sales price from full retail (and they very well might win). But if your unused award commands only, say, $180,000; then $180,000 is the sum total of your taxable benefit.

Obviously, with amounts a s large as this, it's a GREAT idea to spend a few hundred bucks to get expert advice. Be real careful, taking your car for a joy ride could cost you many thousands of tax dollars.

I agree — best to get your accountant involved when dealing with numbers like this. We know Tesla will 1099 for the MSRP, so you’d have to adjust that.
 

TrevP

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If I recall correctly the Founders Edition is limited to 1,000 units at $250,000. The base Roadster is $200,000.

Correct.

So the question is: What does the extra $50K get you in the Founder's edition...
 

SoFlaModel3

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Correct.

So the question is: What does the extra $50K get you in the Founder's edition...

My guess … a number plate and optional special color(s). I wouldn’t assume the SpaceX package.

Basically an extra $50k to be first in line.
 

garsh

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Can’t be just a $50K paint job…
Do you remember what the Model S Signature offered over a regular Model S?
  • Special paint
  • Special interior color selection
  • A duffle bag
  • Getting your vehicle sooner
Sure, the price difference was only about $5k, but I doubt there will be much difference between the Founder's edition and the first regular cars.

Maybe some carbon-fiber wheels?

 

Madmolecule

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I still think it is a great opportunity to introduce the founders “beta“ version for $150,000. Even if they had to reduce the number down from the 1000 too closer to the number of people who won. I certainly don’t know much about taxes and I agree with the earlier post but I do think it would be a big benefit for the normal influencer that was planning on keeping the vehicle. I think it would be easy for Tesla to justify that because this founders beta version has such advanced features it is truly a beta and that’s why it is being introduced at an introductory cost. This could really be a new marketing concept, creating a limited edition concept car that was actually delivered to the public. Some of the features might end up being aspirational and not end up in the final roadster, kind of like FSD in my model 3. But it could also end up being the ultimate collectable EV of all time that could be sold for five times what was originally valued at.

The influencers that earn the roadster’s would be the perfect beta testers for this Limited founders edition. it would als provide the continuous marketing of Tesla’s advanced technologies.

you guys have earned it, but I would hate to see these amazing futuristic vehicles end up in a collectors garage of a bunch of millionaires and not become the daily drivers of the people that earned them.

There should be at least a six month delay between when this beta version is released and when the real roadster 1.0 is released. Delays are not difficult for Tesla and I think it would create a great buzz that basically you can’t buy a roadster to begin with, no matter how much money you have, you would’ve had to earn it.

Also if the new roadster turns out to be like the original roadster, a nice car but a lousy five-year investment, I would hate to see you guys pay a whole bunch in taxes and end up with a nice signature duffel bag.


Elon Electrify Cuba!!!
it looks like the moon is on hold, a great time to think about earthlings.
You could actually build a colony right here, and ensure that your technologies can actually change the world now and in our lifetimes.
 
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  • Funny
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shareef777

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Some of the features might end up being aspirational and not end up in the final roadster, kind of like FSD in my model 3.

Delays are not difficult for Tesla

You could actually build a colony right here, and ensure that your technologies can actually change the world now and in our lifetimes.

🤣 The amount of shade you threw at Tesla/Elon in your post was great!
 

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