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Author Topic: Tax Break for Motorcycles  (Read 6648 times)

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SE-Randy

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Tax Break for Motorcycles
« on: February 17, 2009, 10:11:06 AM »
This was in the news this morning, you will be able to deduct sales tax on new bikes purchased from Feb 17th through the end of the year. Here is a link to the article on Yahoo.

http://biz.yahoo.com/ap/090213/stimulus_motorcycles.html?.v=1
« Last Edit: February 18, 2009, 07:24:44 PM by SE-Randy »
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OhioDave

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Re: Tax Break for Motorcycles
« Reply #1 on: February 18, 2009, 07:28:10 AM »
Looks like i bought mine a month too soon <sigh>
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muddypaws

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Re: Tax Break for Motorcycles
« Reply #2 on: February 18, 2009, 07:46:58 AM »
Now I have $1200 more for stuff. Looks like the LED tour pack lights will be on the way.
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veech

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Re: Tax Break for Motorcycles
« Reply #3 on: February 18, 2009, 11:11:01 AM »
Damn, I literally bought my latest bike on Dec. 31, 2008!  Ugh..
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SE-Randy

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Re: Tax Break for Motorcycles
« Reply #4 on: February 18, 2009, 11:59:47 AM »
Sorry guys, I was trying to give a little upbeat news for those that had just purchased, didn't think about those that bought last year. :nixweiss:
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veech

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Re: Tax Break for Motorcycles
« Reply #5 on: February 18, 2009, 01:10:47 PM »
Quote from: SE-Randy on February 18, 2009, 11:59:47 AM
Sorry guys, I was trying to give a little upbeat news for those that had just purchased, didn't think about those that bought last year. :nixweiss:

No worries - your info is good news.  I just happened to be a day late and dollar short in this case...literaly.  :(
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RickC

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Re: Tax Break for Motorcycles
« Reply #6 on: February 18, 2009, 01:27:38 PM »
Man! I almost bought a SERG just before New Year's Day. Glad I waited for my Grey Ghost to get here in February...

Seems a bit unfair, though, for those guys that bought last year. Of course, I guess there has to be a cutoff somewere which means somebody is gonna get a raw deal no matter how you do it.

Well, I'm happy for those of us who bought this year... and way sorry for you guys that bought before 2009. I know that sucks.
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SE-Randy

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Re: Tax Break for Motorcycles
« Reply #7 on: February 18, 2009, 02:31:22 PM »
Quote from: veech on February 18, 2009, 01:10:47 PM
No worries - your info is good news.  I just happened to be a day late and dollar short in this case...literaly.  :(
It is a thousand wonders I didn't buy early I am usually the one that is a day late, well ok more than a dollar short, but a day late.
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FLTRCVO

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Re: Tax Break for Motorcycles
« Reply #8 on: February 18, 2009, 02:53:32 PM »
I claimed the sales tax on my bike in 2006 and my truck in 2007 Line 5 Schedule A.
« Last Edit: February 18, 2009, 05:01:23 PM by FLHRSE »
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veech

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Re: Tax Break for Motorcycles
« Reply #9 on: February 18, 2009, 03:06:15 PM »
Quote from: FLHRSE on February 18, 2009, 02:53:32 PM
2007 I claimed the sales tax on my bike in 2006 and my truck in 2007 Line 5 Schedule A.

Now THAT's some interesting info!  I'll have to look into this when doing my taxes (haven't filed yet.)
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harley56

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Re: Tax Break for Motorcycles
« Reply #10 on: February 18, 2009, 03:06:35 PM »
Final eligibility dates are as follows from a release by Harley-Davidson............

"With the passage by Congress and today’s signing into law of the Economic Stimulus Package, consumers may qualify for a federal tax deduction on the state and local sales and excise taxes they pay on new on-road motorcycles.  The tax deductibility applies to motorcycles purchased between February 17, 2009 and December 31, 2009."
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RickC

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Re: Tax Break for Motorcycles
« Reply #11 on: February 18, 2009, 04:56:41 PM »
Quote from: harley56 on February 18, 2009, 03:06:35 PM
...The tax deductibility applies to motorcycles purchased between February 17, 2009 and December 31, 2009."

:soapbox:

Well, chit! There I went countin' my chickens before they hatched!

My SERG was supposed to be here on Feb 17, but it arrived early on the Feb 11, which is the day I signed the papers. Guess I'll join the ranks of them that were a day late and a dollar short... or is that a few weeks early and a few dollars short?

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09S/E roadglide

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Re: Tax Break for Motorcycles
« Reply #12 on: February 18, 2009, 04:57:33 PM »
Quote from: muddypaws on February 18, 2009, 07:46:58 AM
Now I have $1200 more for stuff. Looks like the LED tour pack lights will be on the way.

$1200 where do you live ? its gonna be like $2200 when mine comes in.
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Re: Tax Break for Motorcycles
« Reply #13 on: February 18, 2009, 05:11:14 PM »
Yeee Hahhh!!!!!!!!!!!!!!!!!! Is that great or what. That'll pay for my detachable tour pack rack, badass tailight and more!  :orange: :orange: :orange: :orange: :drink: :drink: :drink: :drink: :huepfenjump3: :huepfenjump3: :huepfenjump3:
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RickC

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Re: Tax Break for Motorcycles
« Reply #14 on: February 18, 2009, 10:00:16 PM »
Quote from: 09S/E roadglide on February 18, 2009, 04:57:33 PM
$1200 where do you live ? its gonna be like $2200 when mine comes in.

In most states, you only pay sales tax on the net value after a trade-in, so the sales tax could be very different the same bike with two different deals.

Also note, this is a tax deduction, not a tax credit. If it were a credit, you're income tax due wouild be reduced by the amount of sales tax. However, because it is a deduction, you only get a portion of that amount off your tax bill with the exact amount depending on your marginal tax bracket. For some, they may get no benefit at all if they don't otherwise itemize deductions.

DISCLAIMER: See an attorney or tax professional for actual tax advice. This is my own lame interpretation of how this might work if it ever really happens for anybody which it won't for me because my SERG came in a week early. Never thought I'd be cussin' over my bike showing up before it was due...

 :soapbox:
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