U.S. Tax Deduction for Motorcycle Purchases

[Admin]

Hurry, it ends soon! Get a tax deduction for a new motorcycle purchase!

More...

 

[westgoingzax]

Thanks for sharing the good news! I didn't realize this deduction was available. From reading the IRS publications, you can deduct the sales tax for a new car, light truck, motor home or motorcycle purchased after February 16, 2009 and before January 1, 2010. If the purchase price is over $49,500, then there is a another adjustment you have to make, but our bike is much less so I didn't bother reading more about that. This deduction is in addition to the standard deduction, so you don't have to itemize to receive this one.

In my case, I paid about $650 in sales tax for my bike in March 2009 and the amount of tax I will have to pay is reduced by about $150. Hurray for paying less taxes!

Here is a direct link to the IRS website that goes over the deduction and shows you what schedules are needed to calculate it.

 

[Goop]

You lucky bastard!

 

[Dennis in NH]

I can deduct the sales tax on the motorcycle I bought between those dates? Cool. Oh wait, I'm in NH, bought in NH, no sales tax -- so I don't qualify. But at least I didn't have to pay sales tax .

Dennis

 

[x47b3207]

Yes, I had research this in the past and have already included it in my tax planning.

Follow IRS link:

Special Tax Break Available for New Car Purchases This Year

Read farther than the first paragraph where it just says vehicle and it will also mention motorcycle. In pennsylvania with 7% sales tax, the amount is not insignificant.

 

[x47b3207]

HEY NO SALES TAX STATES!

Follow the link and look for the link to states with no sales tax. They will give you credit for other fees.

Link here:
Special Tax Break on New Car Purchases Available in States With No Sales Tax

 

[deeptekkie]

Finally some good news in this economy. Thank you so much!