Correct me if I'm wrong

Discussion in 'Touring Models' started by leonm47, Jan 11, 2010.

  1. leonm47

    leonm47 Member

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    Did I read somewhere that if one bought a bike in 2009 there is a federal income tax deduction we can take? If it's true would you guys and gals inform me what it's called and where one may gain the info needed to take advantage of the deduction?
     
  2. sprinklerfitter669

    sprinklerfitter669 Junior Member

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    my dealer was advertising this, you should check yours for info
     
  3. sparky82

    sparky82 Member

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    "The American Recovery and Reinvestment Act permits taxpayers to take a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles. The deduction is available on new vehicles purchased from Feb. 17, 2009, through Dec. 31, 2009. In states that don't have a sales tax, the law provides a deduction for other taxes or fees paid. This deduction is available whether or not a taxpayer itemizes deductions on Schedule A."
     
  4. cavs1429

    cavs1429 Member

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    just bring your bill of sales to the tax man when you do your taxes this year and he'll do the rest:D
     
    Last edited by a moderator: Jan 12, 2010
  5. B-1B_Guy

    B-1B_Guy Junior Member

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    Sparky,

    I DO believe you but after searching for an hour I'm still not seeing this. Lots of "jobs created/$$ allocated" but nothing pertaining to our situation. I do my own taxes so if you have a link it'd be greatly appreciated. Thanks.
     
  6. Slapp

    Slapp Junior Member

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    Its true. I claimed a car and a motorcyle last year and I get to do it again this year. It is a deduction that is good only if you itemize on your taxes. Talk to your local Tax prep person.
     
  7. 92FXRS

    92FXRS Active Member

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    Leonm47, try this website section179.org
    It should have everything that you're looking for
     
  8. ottoman

    ottoman New Member

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    We could all use a tax credit ! !
     
  9. krazy3

    krazy3 Member

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    Got a couple of buddies who bought new ones. I'll let them know, Thanks!!
     
  10. Vince

    Vince Member

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    What I read on the link looks like it for bussuness vehicles If i read it right

    Vince