www.CVOHARLEY.com

Please login or register.

Login with username, password and session length
Advanced search  
Pages: [1] 2  All

Author Topic: Tax Break for Motorcycles  (Read 7022 times)

0 Members and 1 Guest are viewing this topic.

SE-Randy

  • Senior CVO Member
  • ****
  • Offline Offline
  • Posts: 315

    • CVO1: FLSTFSE2
    • CVO2: FLHTCSE2
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 »
Logged
Don't worry about life...you'll never get out of it alive!

OhioDave

  • 1K CVO Member
  • *
  • Offline Offline
  • Posts: 1073
    • OH

    • CVO1: 2015 CVO Limited
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>
Logged

muddypaws

  • 5k CVO Member
  • ***
  • Offline Offline
  • Posts: 5280
  • 2012 FLHTCUS7

    • CVO1: 2005 CVO
    • CVO2: 2009 CVO SEUC
    • CVO3: 2017 CVO LIMITED
    • Re/Max
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.
Logged
Bill

veech

  • Newbie
  • *
  • Offline Offline
  • Posts: 30

    • CVO1: 2001 FLTRSEI2
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..
Logged

SE-Randy

  • Senior CVO Member
  • ****
  • Offline Offline
  • Posts: 315

    • CVO1: FLSTFSE2
    • CVO2: FLHTCSE2
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:
Logged
Don't worry about life...you'll never get out of it alive!

veech

  • Newbie
  • *
  • Offline Offline
  • Posts: 30

    • CVO1: 2001 FLTRSEI2
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.  :(
Logged

RickC

  • When I was 42, I was the answer life, the universe and everything. Now, I'm all that *and* a side of fries!
  • 1K CVO Member
  • *
  • Offline Offline
  • Posts: 1214

    • CVO1: 2010 FLHR Vivid Black
    • CVO2: 2009 FLTRSE3 Stardust Silver / Titanium Dust **TRADED**
    • CVO3: 2010 FXDF Vivd Black **TRADED** | 2007 FLTR Vivid Black / Red (a/k/a "Red Nipples") **TRADED** | 2005 FLTRI Black Pearl / Grey (a/k/a "The Black Pearl") **TRADED**
    • Rick Rocks On!
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.
Logged

SE-Randy

  • Senior CVO Member
  • ****
  • Offline Offline
  • Posts: 315

    • CVO1: FLSTFSE2
    • CVO2: FLHTCSE2
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.
Logged
Don't worry about life...you'll never get out of it alive!

FLTRCVO

  • Senior CVO Member
  • ****
  • Offline Offline
  • Posts: 461
  • pnw_cvfltrse_dom_c38_sws_w1024
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 »
Logged

veech

  • Newbie
  • *
  • Offline Offline
  • Posts: 30

    • CVO1: 2001 FLTRSEI2
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.)
Logged

harley56

  • Full CVO Member
  • ***
  • Offline Offline
  • Posts: 106
  • 2004 FLHTCSE
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."
Logged

RickC

  • When I was 42, I was the answer life, the universe and everything. Now, I'm all that *and* a side of fries!
  • 1K CVO Member
  • *
  • Offline Offline
  • Posts: 1214

    • CVO1: 2010 FLHR Vivid Black
    • CVO2: 2009 FLTRSE3 Stardust Silver / Titanium Dust **TRADED**
    • CVO3: 2010 FXDF Vivd Black **TRADED** | 2007 FLTR Vivid Black / Red (a/k/a "Red Nipples") **TRADED** | 2005 FLTRI Black Pearl / Grey (a/k/a "The Black Pearl") **TRADED**
    • Rick Rocks On!
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?

Logged

09S/E roadglide

  • 1K CVO Member
  • *
  • Offline Offline
  • Posts: 1207
  • lead, follow or get out of the way !

    • CVO1: 09 S/E roadglide org. and black
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.
Logged
a.k.a  Dent Dude

gg

  • Elite CVO Member
  • *****
  • Offline Offline
  • Posts: 562

    • CVO1: FLHXSE2 Orange & Black
    • CVO2: FLHTCSE2 (Traded for 09 CUSE4) CUSE4 Sold 2012
    • CVO3: FXSTDSEI/ FLHRSEI2 (SOLD 2005)
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:
Logged

RickC

  • When I was 42, I was the answer life, the universe and everything. Now, I'm all that *and* a side of fries!
  • 1K CVO Member
  • *
  • Offline Offline
  • Posts: 1214

    • CVO1: 2010 FLHR Vivid Black
    • CVO2: 2009 FLTRSE3 Stardust Silver / Titanium Dust **TRADED**
    • CVO3: 2010 FXDF Vivd Black **TRADED** | 2007 FLTR Vivid Black / Red (a/k/a "Red Nipples") **TRADED** | 2005 FLTRI Black Pearl / Grey (a/k/a "The Black Pearl") **TRADED**
    • Rick Rocks On!
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:
Logged
Pages: [1] 2  All
« previous next »
 

Page created in 0.222 seconds with 21 queries.