USA new car/bike buyers....big tax deduction !!

Triumph Motorcycle Forum - TriumphTalk

Help Support Triumph Motorcycle Forum:

This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
dazco

dazco

Well-Known Member
Supporting Member
If you bought or will be buying a new car, bike, light truck, or motorhome after feb 17 and before dec 31 2009, you can deduct all the taxes ! i read this twice to make sure i was seeing what i thought i was. Having the new Tbird, if this is true the big bore kit WILL be mine ! :ya2: :ya2: :ya2:

seriously, check it out and if theres something i'm missing. But as far as i can tell it's the real deal. And it's on the IRS site so it's not a rumor, it's fact. It's just a matter of whether i missed anything that would disqualify many of most of us. But as far as i can tell the only disqualifiers are income brackets over something like $125k. And those people can live w/o it anyways. :D Be sure to click the "questions and answers" link after you read this page.

http://www.irs.gov/newsroom/article/0,,id=204519,00.html
 
Yep......it looks for real. My State has a 6% sales tax that I could deduct if I bought a new vehicle.

It also looks to me like you can take this deduction even if you claim the standard deduction or do not itemize your deductions.

I use Turbo-Tax, so it would ask me if I bought a new vehicle when I'm doing my taxes and then guide me from there if i say "yes".
 
We here in Commifornia have a 9, yes NINE percent sales tax !!! In fact i think it's a little over like 9.1 or so. So i'm inline for a $1100 refund. I will then have paid less for it than i would have if i'd gone to the cheapest dealer in so cal. Nice !

It also looks to me like you can take this deduction even if you claim the standard deduction or do not itemize your deductions
Click to expand...

Yep, they made it easy on us. I do mine online and it will simply give me the option of entering the info and wham bam thank u mam, i'm $1100 richer. I usually get about a grand back so now i'll get more than double that which will get me the BB kit plus labor and enough left over for a couple hook......er, i mean a nice dinner. :ya2:
 
Well, i see now it's not what i thought. All i will get back is probably 50 bucks or such, if that. more likely $20. Why even bother ! It's like this. They take the total yearly income that is taxable, then take the sales tax from that. So say you need to pay income tax on $50k and the sales tax on the bike was $1k. Well, now you bare responsible to pay taxes on $49k instead of $50k. Thats all it is. Pretty much just a waste of time. It's not going to do anything for the economy so i have no idea why he (obama) did this. Oh well, another hope dashed against the rocks of life.
 
[quote author=dazco link=topic=7255.msg39414#msg39414 date=1253976316]
Pretty much just a waste of time. It's not going to do anything for the economy so i have no idea why he (obama) did this. Oh well, another hope dashed against the rocks of life.
[/quote]

Typical politician talk that's all.....

They can make that sound like a big incentive to buy and hope you won't really realize the details until you fill-out your tax form.

It's not what they say, it's what they do...and this makes them sound like their doing you a favor...scores points with those who haven't researched it like you did.
 
In most cases, "progress" is just a catch-phrase for "we're going to screw things up".

Remember when there was just Bell Telephone? It was cheap and very efficient. If you had a problem, they came and fixed it inside or outside. The worst problem you ever had was only the scheduling of a repair guy.

Now they only fix their own outside line problems and you pay a fortune if the problem is inside your home (many times in older homes, those lines were installed by THEM in the first place!). Just having the most basic regular phone service costs at least $75.00 a Month.

It was changed in the name of breaking-up a monopoly....but it was a GOOD monopoly! Then they turn around and give geographical rights to certain cable TV companies so that you can only use one. They create a NEW monopoly without competition. I never understood why it's OK to have a cable TV monopoly after they accused Bell Telephone of the same thing?
 
Can i throw ya one better? Remember when TV was free and there were more good programs on the 7 channels we had then there now are on all 300 or whatever? Now we pay a fortune for junky reality shows and still have to watch commercials.
 

Latest posts

Back
Top