X5 35d Federal Tax Credit Info

spmd11 · 04-21-2010, 05:16 PM

Hey all,

Just purchased a 2010 X5 35d recently and did some research on the Federal Tax credit.

1) Tax credit is $1,800 straight off your Federal Tax bill, regardless of AMT and itemized deductions total

2) This is good for all 2010 35d purchased before December 31, 2010

3) Go here for details: http://www.fueleconomy.gov/feg/taxLeanBurn.shtml

4) I'm assuming that this is NOT applicable to 2011 models. I'm not sure, but the Federal website does not mention 2011 models

Vintage · 04-22-2010, 08:49 AM

i know - i purchased one in November 2009 (a 2010 35d) and i received the tax credit plus the $4,500 rebate - smoking deal

MidwestBimmerFan · 04-23-2010, 10:56 PM

I got screwed on this one. I did get the $4500 rebate but my dealer led me to believe I would recieve the tax credit even though I am leasing mine but supposedly it is only if you buy the car or are the lessor (so the frickin stealership gets it I guess)

regardless I absolutely love my X5 and the diesel engine amazes me everytime I drive it.

Stimulus · 05-05-2010, 08:00 AM

I found out that claiming business use of my X5d eliminates the tax credit. Therefore it may be wise to claim only personal use in the year you purchase the alternative fuel vehicle, and switch it to business use in the following year.

skimo · 06-14-2010, 03:18 PM

Guys can someone explain the rebate in the case of a lease? Is it taken of the sale price as a cap cost reduction?

Thanks a ton. I am trying to negotiate a lease.

skimo

Mrchntmarine · 07-25-2010, 09:38 AM

Trying to see if anyone can clarify here---leased my 09 x5 diesel and was told I'd get the fed tax credit. finding out now that bmw leasing gets the credit not me, because I leased not purchased. this is totally opposite of what my sales guy told me. also, my accountant says if one falls into the AMT situation, you don't qualify. anyone else have a similar situation? why would the sales guy tell me i get a fed tax credit when he knew all along i was leasing and would not qualify?

jlee · 07-25-2010, 11:45 AM

I had checked at some point and found thstbit was applicable for a lease too. Since it's a tax credit I don't think AMT impacts it. Amt would be an issue if nit were a deduction.

But it is true we don't own the car but interestingly my state ames me pay sales tax as if it were mine. So I think that's interesting too

Jeff

kantonaxtwoo · 07-26-2010, 01:20 AM

Hey guys new to the e70 side of things, i just came from and e90 because it got lemoned. I was able to get 4500 dollar credit straight off the purchase price when i picked up my 11' x5 35d 2 days ago. With the credit it was an amazing deal!

Mrchntmarine · 07-26-2010, 10:50 AM

Double checked w/ the accountant - leasing the vehicle disqualifies you from getting the tax credit. So does falling into AMT tax situation..

"I saw that, too, but on further checking found that it all starts with who bought the vehicle. In this case it's the leasing company. Since they are buying it for their use to lease it to others, that's why they get the credit. If you bought it for your use, then you would get the credit. Your lease is clearly a "lease" (and not a financed purchase) since there's no "bargain purchase" at the end. Even if it did qualify, you would not get the credit because of being in an AMT situation for 2009." From the accountant...

Mrchntmarine · 08-08-2010, 09:32 AM

A moot point b/c of the amt tax situation and being a lease, but here's a follow up of trying to get to the bottom of why I did not get the credit... In talking to the sales manager at Peake BMW of New Orleans, I was questioning why I did not get the credit, etc. he explained to me that my salesman would not promise something or even mention the Fed Tax credit b/c he was not authorized to do so and knew nothing about it. The mgr even claimed he still does not know what I'm talking about and knows nothing of it... According to the mgr, the only offer made was a 1750.00 discount off the bottom line and that's all I got. So, the bottom line is that the Fed tax credit I mentioned to my sales guy(who is no longer there) and who agreed that I would get it, was bogus. The sales mgr was unwilling to offer any goodwill, compensation, etc. to make up for the loss to me as I had figured the 1800 credit into my bottom line being spent on the car.

peterwyu · 09-17-2010, 03:27 AM

Quote:

Originally Posted by kantonaxtwoo

Hey guys new to the e70 side of things, i just came from and e90 because it got lemoned. I was able to get 4500 dollar credit straight off the purchase price when i picked up my 11' x5 35d 2 days ago. With the credit it was an amazing deal!

How much did you get off MSRP total? I am looking to get an X5d as well!

Thanks

Vintage · 09-17-2010, 07:34 AM

for me, the total was about $9,000 off of MSRP, which does NOT include the $1,800 tax credit I received when filing my tax return for 2010

BrunoT · 09-27-2010, 09:49 PM

Here at the gov's site it says clearly on their chart that 2009-2011 X5 diesels are included. http://www.fueleconomy.gov/feg/taxLeanBurn.shtml

Also I am pretty sure BMW's own site mentions the tax credit somewhere for 2011's. I know I saw it there, but not sure if it was on the build section or what.

04-21-2010, 05:16 PM	#1
spmd11 Major 290 Rep 1,079 Posts Drives: 2020 X3MC Join Date: Sep 2007 Location: Austin, TX iTrader: (4)	X5 35d Federal Tax Credit Info Hey all, Just purchased a 2010 X5 35d recently and did some research on the Federal Tax credit. 1) Tax credit is $1,800 straight off your Federal Tax bill, regardless of AMT and itemized deductions total 2) This is good for all 2010 35d purchased before December 31, 2010 3) Go here for details: http://www.fueleconomy.gov/feg/taxLeanBurn.shtml 4) I'm assuming that this is NOT applicable to 2011 models. I'm not sure, but the Federal website does not mention 2011 models __________________ 2020 X3MC, 2018 Porsche Macan, 2019 X3 3.0i, 2016 981 Cayman S
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04-22-2010, 08:49 AM	#2
Vintage Colonel 381 Rep 2,588 Posts Drives: BMW G80 (MT), 718 Spyder Join Date: Aug 2009 Location: Austin, Texas iTrader: (0)	i know - i purchased one in November 2009 (a 2010 35d) and i received the tax credit plus the $4,500 rebate - smoking deal
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04-23-2010, 10:56 PM	#3
MidwestBimmerFan Private First Class 14 Rep 148 Posts Drives: E92 M3, 1995 E36 M3, 1976 2002 Join Date: Aug 2008 Location: Willowbrook, IL iTrader: (0)	I got screwed on this one. I did get the $4500 rebate but my dealer led me to believe I would recieve the tax credit even though I am leasing mine but supposedly it is only if you buy the car or are the lessor (so the frickin stealership gets it I guess) regardless I absolutely love my X5 and the diesel engine amazes me everytime I drive it.
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05-05-2010, 08:00 AM	#4
Stimulus New Member 1 Rep 10 Posts Drives: 2009 X5 35d Join Date: Oct 2009 Location: Boston, MA iTrader: (0)	Business use of diesel - lose tax credit I found out that claiming business use of my X5d eliminates the tax credit. Therefore it may be wise to claim only personal use in the year you purchase the alternative fuel vehicle, and switch it to business use in the following year.
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06-14-2010, 03:18 PM	#5
skimo Lieutenant 91 Rep 532 Posts Drives: 2011 335 vert Dinan II Join Date: May 2005 Location: Austin Texas !! iTrader: (1)	Guys can someone explain the rebate in the case of a lease? Is it taken of the sale price as a cap cost reduction? Thanks a ton. I am trying to negotiate a lease. skimo
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07-25-2010, 09:38 AM	#6
Mrchntmarine Private First Class 17 Rep 149 Posts Drives: 335d (sold) Join Date: Jul 2009 Location: LA iTrader: (0)	Trying to see if anyone can clarify here---leased my 09 x5 diesel and was told I'd get the fed tax credit. finding out now that bmw leasing gets the credit not me, because I leased not purchased. this is totally opposite of what my sales guy told me. also, my accountant says if one falls into the AMT situation, you don't qualify. anyone else have a similar situation? why would the sales guy tell me i get a fed tax credit when he knew all along i was leasing and would not qualify? __________________ 2005 Mercedes SL55 (sold) 2006 Range Rover HSE (sold) 2006 Porsche 911 C4S Cab 2010 BMW X5 Diesel (sold) 2010 335D (sold) 2010 Range Rover HSE (sold) 2012 Q5 TDI (sold) 2014 Q5 TDI 2016 Audi A6
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07-25-2010, 11:45 AM	#7
jlee Captain 168 Rep 773 Posts Drives: M2CS+GTS Targa+RRS SVR Join Date: Jun 2008 Location: Washington DC iTrader: (1)	I had checked at some point and found thstbit was applicable for a lease too. Since it's a tax credit I don't think AMT impacts it. Amt would be an issue if nit were a deduction. But it is true we don't own the car but interestingly my state ames me pay sales tax as if it were mine. So I think that's interesting too Jeff
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07-26-2010, 01:20 AM	#8
kantonaxtwoo Private First Class 11 Rep 127 Posts Drives: 08 335i e90 Join Date: Apr 2008 Location: CA iTrader: (5)	Hey guys new to the e70 side of things, i just came from and e90 because it got lemoned. I was able to get 4500 dollar credit straight off the purchase price when i picked up my 11' x5 35d 2 days ago. With the credit it was an amazing deal! __________________ 2008 335i E90 \| Jet Black/Black Dakota \| alum trim \| step w/paddles \| sport \| prem \| nav \| comfort \| heated seats \| ipod \| hd radio \| 35% tint \| Mforce front splitters \| M3 lip spoiler \| Mtech steering wheel \| Matte black front grills - RETIRED 2011 x5 35D Loaded
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07-26-2010, 10:50 AM	#9
Mrchntmarine Private First Class 17 Rep 149 Posts Drives: 335d (sold) Join Date: Jul 2009 Location: LA iTrader: (0)	Double checked w/ the accountant - leasing the vehicle disqualifies you from getting the tax credit. So does falling into AMT tax situation.. "I saw that, too, but on further checking found that it all starts with who bought the vehicle. In this case it's the leasing company. Since they are buying it for their use to lease it to others, that's why they get the credit. If you bought it for your use, then you would get the credit. Your lease is clearly a "lease" (and not a financed purchase) since there's no "bargain purchase" at the end. Even if it did qualify, you would not get the credit because of being in an AMT situation for 2009." From the accountant... __________________ 2005 Mercedes SL55 (sold) 2006 Range Rover HSE (sold) 2006 Porsche 911 C4S Cab 2010 BMW X5 Diesel (sold) 2010 335D (sold) 2010 Range Rover HSE (sold) 2012 Q5 TDI (sold) 2014 Q5 TDI 2016 Audi A6
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08-08-2010, 09:32 AM	#10
Mrchntmarine Private First Class 17 Rep 149 Posts Drives: 335d (sold) Join Date: Jul 2009 Location: LA iTrader: (0)	watch out for car salesmen A moot point b/c of the amt tax situation and being a lease, but here's a follow up of trying to get to the bottom of why I did not get the credit... In talking to the sales manager at Peake BMW of New Orleans, I was questioning why I did not get the credit, etc. he explained to me that my salesman would not promise something or even mention the Fed Tax credit b/c he was not authorized to do so and knew nothing about it. The mgr even claimed he still does not know what I'm talking about and knows nothing of it... According to the mgr, the only offer made was a 1750.00 discount off the bottom line and that's all I got. So, the bottom line is that the Fed tax credit I mentioned to my sales guy(who is no longer there) and who agreed that I would get it, was bogus. The sales mgr was unwilling to offer any goodwill, compensation, etc. to make up for the loss to me as I had figured the 1800 credit into my bottom line being spent on the car. __________________ 2005 Mercedes SL55 (sold) 2006 Range Rover HSE (sold) 2006 Porsche 911 C4S Cab 2010 BMW X5 Diesel (sold) 2010 335D (sold) 2010 Range Rover HSE (sold) 2012 Q5 TDI (sold) 2014 Q5 TDI 2016 Audi A6
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09-17-2010, 07:34 AM	#12
Vintage Colonel 381 Rep 2,588 Posts Drives: BMW G80 (MT), 718 Spyder Join Date: Aug 2009 Location: Austin, Texas iTrader: (0)	for me, the total was about $9,000 off of MSRP, which does NOT include the $1,800 tax credit I received when filing my tax return for 2010
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09-27-2010, 09:49 PM	#13
BrunoT Second Lieutenant 9 Rep 242 Posts Drives: 2012 F-150 Join Date: Aug 2005 Location: Atlanta, GA iTrader: (0)	Here at the gov's site it says clearly on their chart that 2009-2011 X5 diesels are included. http://www.fueleconomy.gov/feg/taxLeanBurn.shtml Also I am pretty sure BMW's own site mentions the tax credit somewhere for 2011's. I know I saw it there, but not sure if it was on the build section or what.
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