Correct me if I'm wrong

[leonm47]

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?

 

[sprinklerfitter669]

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

 

[sparky82]

"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."

 

[cavs1429]

just bring your bill of sales to the tax man when you do your taxes this year and he'll do the rest

 

[B-1B_Guy]

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.

 

[Slapp]

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.

 

[92FXRS]

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

 

[ottoman]

We could all use a tax credit ! !

 

[krazy3]

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

 

[Vince]

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

Vince