ataDude
Mod Maniac
Assuming you file with itemized deductions, you ARE filing for the tax year 2008 now... so, yepper.
.
-
There were many reasons for the change of the site software, the biggest was security. The age of the old software also meant no server updates for certain programs. There are many benefits to the new software, one of the biggest is the mobile functionality. Ill fix up some stuff in the coming days, we'll also try to get some of the old addons back or the data imported back into the site like the garage. To create a thread or to reply with a post is basically the same as it was in the prior software. The default style of the site is light colored, but i temporarily added a darker colored style, to change you can find a link at the bottom of the site.
Tax Break?
- Thread starter COOLHAND
- Start date
Assuming you file with itemized deductions, you ARE filing for the tax year 2008 now... so, yepper.
.
wyliec
New member
bone crusher
Alignment Specialist
I'm such an idiot...my brain just isn't working these days...I bought over the summer 2008...I had better tell my accountant about this...
bone crusher
Alignment Specialist
Checked the tax laws on this...only for electric vehicles...the Spyder does not count...
I can post the findings, if anyone wants...
I can post the findings, if anyone wants...
wyliec
New member
Check the web address on my previous post.. The sales tax on spyder can be deducted if purchased after the date shown.
Last edited:
This is no biggie for those of us in states that do not have state income taxes. We've been able to deduct sales tax on large purchases (actually all purchases, they have a baseline formula keyed to your income) for the last 2 years. We got that because we don't get to deduct state income taxes (we don't pay any). This just extends that to all states.
bone crusher
Alignment Specialist
Here are the facts...
As part of the American Recovery and Reinvestment Act of 2009 (H.R.1) two new tax incentives were included for electric motorcycles.
The first is a tax credit in Section 1142 (H.R.1, pp. 214-217) which changes IRS Code Section 30 to allow for 2 wheeled electric vehicles to be included as a “qualified plug-in electric vehicle” in the overall plug-in vehicle tax credit. These vehicles which need to be able to drive on public roads, streets, and highways, are eligible for a 10% Federal Tax Credit up to a maximum of $2,500. This is a Federal tax credit, which reduces your tax liability by the amount of the credit; eg: if you owe $5,000 to the IRS and purchase an $11,000 electric motorcycle package, you would receive an $1,100 credit and now owe $3,900. If you are owed a refund by the IRS, your refund is increased by the amount of the tax credit.
The second is a tax deduction for state sales taxes paid on motorcycles under Section 1008 (H.R.1, pp. 203-204). This provides all taxpayers with a deduction for State and local sales and excise taxes paid on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return). In this case, since it is a Federal tax deduction, the amount comes off your adjusted gross income and reduces the amount of taxes paid based on your income tax bracket.
As part of the American Recovery and Reinvestment Act of 2009 (H.R.1) two new tax incentives were included for electric motorcycles.
The first is a tax credit in Section 1142 (H.R.1, pp. 214-217) which changes IRS Code Section 30 to allow for 2 wheeled electric vehicles to be included as a “qualified plug-in electric vehicle” in the overall plug-in vehicle tax credit. These vehicles which need to be able to drive on public roads, streets, and highways, are eligible for a 10% Federal Tax Credit up to a maximum of $2,500. This is a Federal tax credit, which reduces your tax liability by the amount of the credit; eg: if you owe $5,000 to the IRS and purchase an $11,000 electric motorcycle package, you would receive an $1,100 credit and now owe $3,900. If you are owed a refund by the IRS, your refund is increased by the amount of the tax credit.
The second is a tax deduction for state sales taxes paid on motorcycles under Section 1008 (H.R.1, pp. 203-204). This provides all taxpayers with a deduction for State and local sales and excise taxes paid on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. This deduction is subject to a phase-out for taxpayers with adjusted gross income in excess of $125,000 ($250,000 in the case of a joint return). In this case, since it is a Federal tax deduction, the amount comes off your adjusted gross income and reduces the amount of taxes paid based on your income tax bracket.
Just to clarify...as of Monday the sales tax deduction applies to ALL new vehicles purchased between 2/16/2009 and 1/1/2010.
Here is a link to autoblog.com with a press release from the IRS.
It is very similar to BoneCrusher's 2nd point but I wanted to clarify that the deduction is for ALL new vehicle purchases - including motorcylces - not just electric vehicles.
http://www.autoblog.com/2009/03/31/irs-makes-deductible-sales-tax-on-new-autos-official/
Here is a link to autoblog.com with a press release from the IRS.
It is very similar to BoneCrusher's 2nd point but I wanted to clarify that the deduction is for ALL new vehicle purchases - including motorcylces - not just electric vehicles.
http://www.autoblog.com/2009/03/31/irs-makes-deductible-sales-tax-on-new-autos-official/
Trickie Dick
New member
So none of you qualify anyway since there is a $250,000 gross income limit.:2thumbs:
I still owe! :banghead:
Brevet05
New member
Thought this topic deserved revisiting, since it's now part of Can-Am's promotion for this month. They're advertising up to $1500 rebate in the form of BRP farkles, financing, and Stimulus Package incentive. Interesting that they've acknowlwdged that there are many 2008s left at the dealers by offering a larger rebate for the 2008 models...:doorag:
hyea:
