Tax Break on New Bikes/Cars

**glwilson** · 03-31-2009, 08:37 PM

Special Tax Break Available for New Car and Motorcycle Purchases This Year

The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle, light truck, motor home or motorcycle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

(While this tax-break won't amount to a large amount of money for many -- it may help someone buy some extra "gear" or "bling".) :)

**coacha** · 03-31-2009, 09:04 PM

That's good to know...too bad I don't have any money to purchase either one. On another bright note, milk is under $3.00 a gallon around here.

Netnorske · 03-31-2009, 09:17 PM

I just bought a new Chevy Silverado on Feb 2, 2009. Paid $2222 and change in sales tax. Sounds like I'm hosed by about two weeks. WTF....???

**Jared** · 03-31-2009, 11:35 PM

Quote:

Originally Posted by Netnorske

I just bought a new Chevy Silverado on Feb 2, 2009. Paid $2222 and change in sales tax. Sounds like I'm hosed by about two weeks. WTF....???

Take it back!! LOL

fish · 04-01-2009, 02:18 AM

I bought the wife a new honda 750 last month :)

**jmorrow** · 04-01-2009, 02:47 AM

Quote:

Originally Posted by Netnorske

I just bought a new Chevy Silverado on Feb 2, 2009. Paid $2222 and change in sales tax. Sounds like I'm hosed by about two weeks. WTF....???

I heard this on the news and thought I understood it covered the whole 2009 tax year.

Yellow Jacket · 04-01-2009, 11:00 AM

Ha! The wonderful legislators for the State of Georgia are about to pass a bill that will remove the sales tax on motor vehicles retroactive to January 1, 2009. Going to replace it with a 7% TITLE FEE!

Naturally, that fee won't be covered by the new IRS regulation and it will also apply to sales between private individuals which presently aren't subject to the sales tax!

**ringadingh** · 04-01-2009, 12:40 PM

Here in Ontario they are combining our two taxes into one, our federal tax(GST) @ 5% and our provincial tax @8% = 13% Now we will be paying more because some things used to be exempt from one tax or the other. Thats why I like to shop in the states, at least in certain ones.

**glwilson** · 04-01-2009, 06:06 PM

Well... I just thought I would pass along potential good news for anyone that may be able to take advantage of it.

Didn't want to spark any political debates again.

Hopefully someone will benefit from this. Too bad for "Net's" purchase being just before the deal started. The extra couple grand would have helped pay for all the "bling" he has bought for the Nomad!!!!!

Yellow Jacket · 04-01-2009, 07:18 PM

I agree gl. This should be of benefit to a lot of people. Anytime the government actually reduces someone's taxes, that is a good thing.

Netnorske · 04-01-2009, 07:24 PM

Quote:

Originally Posted by glwilson

Well... I just thought I would pass along potential good news for anyone that may be able to take advantage of it.

Didn't want to spark any political debates again.

Hopefully someone will benefit from this. Too bad for "Net's" purchase being just before the deal started. The extra couple grand would have helped pay for all the "bling" he has bought for the Nomad!!!!!

+1 on the bling...!!

I wonder why it's not retro back to Jan 1 of 2009...?? It makes no sense otherwise....but then (kick myself here) nothing Obama does makes any sense (JMHO).

Reminds me of an old saying....

"There is no such thing as Common Sense...because sense isn't common to everyone"

Truer words were never spoken....

NRiderUSA · 04-01-2009, 09:50 PM

There's also an old saying "if it sounds to good to be true....it probably is"

IMHO it seems under this new administration of change that everything they "give" has a little clause of some kind attached to it. Its like watching a magician's right hand while he picks your pocket with his left.... They have been pretty consistent in their act so far.

So buying the vehicle and save sales tax etc sounds great... but I'm wondering what this carbon footprint stuff they are pushing so hard for with the other green world stuff and what its going to be and when it will start.

Just a thought ...you buy a carbon gas burning vehicle that they are trying to villianize and eventually outlaw to get a tax break opportunity now and they will eventually get that back with interest..... might just be a possibility???

oh well who knows....it might be a good thing but I have gotten too cynical over the last 70 or so days to trust anything the government say's.

bobzinger · 04-02-2009, 03:20 PM

Time for that new Camaro!

NRiderUSA · 04-02-2009, 03:30 PM

Wow... if I only had some hair left I could be young again in that..... does it come in convertable??

**glwilson** · 04-02-2009, 05:35 PM

That is a sharp looking car. It has a bit of a mustang / chrysler 300 look to it though to me.

03-31-2009, 08:37 PM	#1
glwilson Join Date: Jul 2008 Location: North Central Illinois Posts: 8,575	Tax Break on New Bikes/Cars Special Tax Break Available for New Car and Motorcycle Purchases This Year The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle, light truck, motor home or motorcycle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.” The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction. The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns. (While this tax-break won't amount to a large amount of money for many -- it may help someone buy some extra "gear" or "bling".) :) __________________ "During times of universal deceit, telling the truth becomes a revolutionary act." "You can have your own opinion, but not your own facts." *Former VBA NCR Assist Regional Leader* Formerly: 2004 1500FI Bronze Nomad: 2009 & 2014 HD Ultra Current Rides: 2017 HD Ultra Limited & 2011 Can Am Spyder RTS-SE Attended: VBA National Rallies 2009, 2011, 2015; VBA/NCR Regional Rally 2010, 12, 14, 16 and several rides throughout with regional members. VBA Member #652 HOG Member #3935417 Login or Register to Remove Ads
	0

03-31-2009, 09:04 PM	#2
coacha Join Date: Dec 2007 Location: Haysville, KS Posts: 6,259	Tax Break on New Bikes/Cars That's good to know...too bad I don't have any money to purchase either one. On another bright note, milk is under $3.00 a gallon around here. __________________ Ron "Coach" Allan, Haysville, KS 1999 Nomad Wine and Red "KawaTanker" 2009 BMW R1200RT 2003 BMW K1200LT "Magic Carpet" DOA 11/7/2015 VBA #00291 IBA # 41995 DS #320 '08 Elkins, WV; '09 Helen, GA; '09 Custer, SD; '10 Stanton, VA; '11 Maggie Valley; '12 Townsend, TN; '13 Estes Park; '13 Blairsville, GA; '15 Eureka Springs; '16 Helen; '18 Custer, SD
	0

03-31-2009, 09:17 PM	#3
Netnorske Top Contributor Join Date: Aug 2008 Location: Everett, Washington Posts: 5,709	Tax Break on New Bikes/Cars I just bought a new Chevy Silverado on Feb 2, 2009. Paid $2222 and change in sales tax. Sounds like I'm hosed by about two weeks. WTF....??? __________________ *Kris Olsen* VBA #0691 2017 HD Ultra Limited Low 2013 Victory Cross Country Tour 2012 1700 Vulcan Voyager 2008 1600 Vulcan Nomad 1997 Vulcan 800 Classic *"Growing old is mandatory,* *but growing up is optional"* Custer 2009\|Kalispell 2010\|Cortez 2010\|Crescent City 2011\|Kanab 2012\|Canmore 2012\|Estes Park 2013\|Orofino 2014\|Lake Tahoe 2015\|Red Lodge 2016
	0

04-01-2009, 02:18 AM	#5
fish Top Contributor Join Date: Dec 2007 Location: Aquashicola Pa. Posts: 6,377	Tax Break on New Bikes/Cars I bought the wife a new honda 750 last month :) __________________ I'm not prejudice I hate everyone equally;) 08 nomad blue/silver MaryJane 74,010miles VBA #299 Her's 10 900LT 36,700 09 Bath NY. 10 Lake George NY. 11 National Maggie Valley NC. 12 Pa Wilds (Wellsboro) Pa. 14 Lincoln NH. 17 National Lake George NY. Login or Register to Remove Ads
	0

04-01-2009, 11:00 AM	#7
Yellow Jacket Top Contributor Join Date: Nov 2007 Location: Fayetteville, Georgia Posts: 5,792	Tax Break on New Bikes/Cars Ha! The wonderful legislators for the State of Georgia are about to pass a bill that will remove the sales tax on motor vehicles retroactive to January 1, 2009. Going to replace it with a 7% TITLE FEE! Naturally, that fee won't be covered by the new IRS regulation and it will also apply to sales between private individuals which presently aren't subject to the sales tax! __________________ Bob KawaNOW/VBA 210 Green/Silver 2006 Patriot Guard Riders 2009
	0

04-01-2009, 12:40 PM	#8
ringadingh Join Date: Aug 2007 Location: Newmarket Ontario Canada Posts: 35,387	Tax Break on New Bikes/Cars Here in Ontario they are combining our two taxes into one, our federal tax(GST) @ 5% and our provincial tax @8% = 13% Now we will be paying more because some things used to be exempt from one tax or the other. Thats why I like to shop in the states, at least in certain ones. __________________ 2002 Nomad aka Bountyhunter VBA #27 VROC #18951
	0

04-01-2009, 06:06 PM	#9
glwilson Join Date: Jul 2008 Location: North Central Illinois Posts: 8,575	Tax Break on New Bikes/Cars Well... I just thought I would pass along potential good news for anyone that may be able to take advantage of it. Didn't want to spark any political debates again. Hopefully someone will benefit from this. Too bad for "Net's" purchase being just before the deal started. The extra couple grand would have helped pay for all the "bling" he has bought for the Nomad!!!!! __________________ "During times of universal deceit, telling the truth becomes a revolutionary act." "You can have your own opinion, but not your own facts." *Former VBA NCR Assist Regional Leader* Formerly: 2004 1500FI Bronze Nomad: 2009 & 2014 HD Ultra Current Rides: 2017 HD Ultra Limited & 2011 Can Am Spyder RTS-SE Attended: VBA National Rallies 2009, 2011, 2015; VBA/NCR Regional Rally 2010, 12, 14, 16 and several rides throughout with regional members. VBA Member #652 HOG Member #3935417
	0

04-01-2009, 07:18 PM	#10
Yellow Jacket Top Contributor Join Date: Nov 2007 Location: Fayetteville, Georgia Posts: 5,792	Tax Break on New Bikes/Cars I agree gl. This should be of benefit to a lot of people. Anytime the government actually reduces someone's taxes, that is a good thing. __________________ Bob KawaNOW/VBA 210 Green/Silver 2006 Patriot Guard Riders 2009
	0

04-01-2009, 09:50 PM	#12
NRiderUSA Sr. Member Join Date: Dec 2008 Location: Missouri Posts: 3,781	Tax Break on New Bikes/Cars There's also an old saying "if it sounds to good to be true....it probably is" IMHO it seems under this new administration of change that everything they "give" has a little clause of some kind attached to it. Its like watching a magician's right hand while he picks your pocket with his left.... They have been pretty consistent in their act so far. So buying the vehicle and save sales tax etc sounds great... but I'm wondering what this carbon footprint stuff they are pushing so hard for with the other green world stuff and what its going to be and when it will start. Just a thought ...you buy a carbon gas burning vehicle that they are trying to villianize and eventually outlaw to get a tax break opportunity now and they will eventually get that back with interest..... might just be a possibility??? oh well who knows....it might be a good thing but I have gotten too cynical over the last 70 or so days to trust anything the government say's. __________________ NRiderUSA "Rick" "In times of universal deceit, telling the truth becomes a revolutionary act." 1946 George Orwell
	0

04-02-2009, 03:20 PM	#13
bobzinger Sr. Member Join Date: Sep 2007 Location: Livermore CA Posts: 1,334	Tax Break on New Bikes/Cars Time for that new Camaro! __________________ Life is Good! Eternal Life is better!
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04-02-2009, 03:30 PM	#14
NRiderUSA Sr. Member Join Date: Dec 2008 Location: Missouri Posts: 3,781	Tax Break on New Bikes/Cars Wow... if I only had some hair left I could be young again in that..... does it come in convertable?? __________________ NRiderUSA "Rick" "In times of universal deceit, telling the truth becomes a revolutionary act." 1946 George Orwell
	0

04-02-2009, 05:35 PM	#15
glwilson Join Date: Jul 2008 Location: North Central Illinois Posts: 8,575	Tax Break on New Bikes/Cars That is a sharp looking car. It has a bit of a mustang / chrysler 300 look to it though to me. __________________ "During times of universal deceit, telling the truth becomes a revolutionary act." "You can have your own opinion, but not your own facts." *Former VBA NCR Assist Regional Leader* Formerly: 2004 1500FI Bronze Nomad: 2009 & 2014 HD Ultra Current Rides: 2017 HD Ultra Limited & 2011 Can Am Spyder RTS-SE Attended: VBA National Rallies 2009, 2011, 2015; VBA/NCR Regional Rally 2010, 12, 14, 16 and several rides throughout with regional members. VBA Member #652 HOG Member #3935417
	0

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