[mytrx700xx]

For those of you who bought your NEW 700's or any other Atv in the 2009 tax year, I found out that the tax is 100% deductible It falls under the guidelines as offroad vehicles for your deduction. So not only did we get our bikes nearly 1/2 off we get our tax back to... SWEET !

 

[NHXXTRX]

Do you have any references so we can confirm this?

 

[mytrx700xx]

Just my tax return..they were done at H and R block.. It is an incentive like the cash for clunkers program to deduct tax from NEW vehicle such as cars truck motor homes and off road vehicles

 

[mytrx700xx]

Sponsored Links




For 2009 only, individuals can deduct sales tax paid on the purchase of a new vehicle. The deduction is available for cars, trucks, motorcycles, motor homes and recreational vehicles. The vehicles must be purchased after February 16, 2009, and before January 1, 2010 to qualify for the deduction.

 

[mytrx700xx]

http://taxes.about.com/od/deductionscredits/qt/vehicle-sales-tax-deduction.htm

 

[D Bergstrom]

Are you talking about the sales tax you paid when you bought your 700XX? If so, this is nothing new, you have always been able to claim sales tax when you itemize. Everytime I buy something big, I always save the receipt so I can claim the sales tax.

Doug

 

[mytrx700xx]

Do you have any references so we can confirm this?

there you go !

 

[mytrx700xx]

Are you talking about the sales tax you paid when you bought your 700XX? If so, this is nothing new, you have always been able to claim sales tax when you itemize. Everytime I buy something big, I always save the receipt so I can claim the sales tax.

Doug

HMM never knew that, Why does it say 2009 only and my tax advisor said it was new this year to go along with the clunkers program..... Sorry for the old news otherwise

 

[mytrx700xx]

People won't need to itemize to take this deduction. Instead, the deduction will be added to a person's standard deduction. Itemizers will take this deduction in addition to the deduction for state and local income taxes. If you elect to deduct sales taxes in lieu of state and local income taxes, then the taxes paid on the car will be included along with other sales taxes you paid.
Qualifying for the Vehicle Sales Tax Deduction

The vehicle must be new (not used). The vehicle must be an automobile, light truck, or motorcycle with a gross vehicle weight rating of not more than 8,500 pounds. Motor homes and recreation vehicles also qualify (no gross vehicle weight restrictions for motor vehicles are mentioned in the law). Additionally, the vehicle must be purchase after February 16, 2009, and before January 1, 2010.

 

[D Bergstrom]

HMM never knew that, Why does it say 2009 only and my tax advisor said it was new this year to go along with the clunkers program..... Sorry for the old news otherwise

Just taking a quick look at the link you posted, looks like you might be able to claim it now and not have to itemize, just like the clunkers program, is is a deduction that anyone can take, but I could be wrong, I am far from a tax guy!

Since I started itemizing when I bought my house in 2002, I have always claimed sales tax on major purchases. For 2009, I had my 700XX, RZR-S, and a trailer that I bought that I paid sales tax on, claimed all of it on my taxes for last year. I also have HR Block prepare my taxes every year.

Doug

 

[Baxter]

He in England. The 450r is classed as a Agricultural vehicle. Being farmers we can claim the VAT or in US terms Tax and all the parts I order in the UK are tax deductiable. (?spelling). But we have to pay the tax back when we sell, so basically I spent £14000 on my 450r and sell it for £5000. I pay tax on the £5000, Bugger eeehhh!

 

[scuzz]

Time for a new Tea Party!

 

[tbird88]

didnt know that -going to let my accountant know tomorrow on the purchase of my 700xx

 

[kennyg700xx]

heck, I didn't know any of this, I've never bought anything new, till this year, I bought a new F150 and my 700xx. Being self employed this news is a lifesaver, Thanks guys, I'll look into it..:yay:

 

[scuzz]

didnt know that -going to let my accountant know tomorrow on the purchase of my 700xx

Yeah, I'm totally going to call my mom too.

 

[mytrx700xx]

heck, I didn't know any of this, I've never bought anything new, till this year, I bought a new F150 and my 700xx. Being self employed this news is a lifesaver, Thanks guys, I'll look into it..:yay:

F-150 and a new Honda wow congrats and enjoy ! Excellent choices ! !

 

[kennyg700xx]

F-150 and a new Honda wow congrats and enjoy ! Excellent choices ! !

Thanks, bro. I owe it all to my wife of allmost 4 years, for teaching me how to manage money, and live a better life.