General Reservation Questions And Comments

[zelio]

Strange as it may seem, if it is matching cash and not a discount. Under the IRS code the $500 could be considered as taxable income, too us. The code reads "Income from whatever source derived." Yes, I used to be a bean counter.

It isn't matching cash because it is only good towards buying an Elio. That says discount to me. :-) Z

 

[NN4S]

I agree with Z- if it were actually income, I could use it for other purchases. It's not even a rebate, because it is only offered as a discount against the amount of money you spend on an Elio (and even then only if you put it down as a gamble- all-in qualifies, want-in does not).

 

[goofyone]

Q: Does the Elio Motors bonus amount on non-refundable reservations constitute income that would need to be reported to the IRS?

First, we are not tax attorneys so this is not our area of expertise. The bonus does not have a cash value nor do we see it as income. It is simply a bonus amount for the early supporters of Elio Motors that can only be used towards the purchase of your Elio.

http://www.eliomotors.com/faq-single/

 

[Jay3wheel]

It isn't matching cash because it is only good towards buying an Elio. That says discount to me. Z

If you win $30,000 worth of trips on the the Price is Right, it isn't cash but it sure is taxable.

 

[Truett Collins]

If you win $30,000 worth of trips on the the Price is Right, it isn't cash but it sure is taxable.

How ever you don't pay taxes on discounted merchandise ....

 

[Jay3wheel]

You are correct, a discount is not taxable, that was the original question.
Retired CPA

 

[zelio]

If you win $30,000 worth of trips on the the Price is Right, it isn't cash but it sure is taxable.

I'm sure the participants must know that before they play. I know if I enter a contest (I have only entered one in my nearly 73 years) the small print said I was responsible for all taxes and fees if I won. :-) Z

 

[Jim H]

You can always open a gmail account just for Elio correspondence

 

[Jim H]

I signed up but no one got back about the color or transmission. Is this normal or are they waiting until it is more ready for productiion?

Eric, welcome to the forum. I see some of our helpful friendly members have already answered your questions. The forum has tons of information about the development schedule. Use the search function to find the information. Looking forward to your comments and opinions.

 

[Husker1]

So....weird thought here with all the talk about the bonus and income. When we go to the DMV for the license, will we pay tax on whole amount or price - $500?