Atv's Tax deductible for 2009 - Club700XX - Honda TRX700XX Forum
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post #1 of 17 Old 02-01-2010, 12:12 PM Thread Starter
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grin Atv's Tax deductible for 2009

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 !
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post #2 of 17 Old 02-01-2010, 01:07 PM
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Do you have any references so we can confirm this?

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post #3 of 17 Old 02-01-2010, 01:13 PM Thread Starter
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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
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post #4 of 17 Old 02-01-2010, 01:18 PM Thread Starter
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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.
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post #5 of 17 Old 02-01-2010, 01:19 PM Thread Starter
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post #6 of 17 Old 02-01-2010, 01:19 PM
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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

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post #7 of 17 Old 02-01-2010, 01:20 PM Thread Starter
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Do you have any references so we can confirm this?
there you go !
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post #8 of 17 Old 02-01-2010, 01:22 PM Thread Starter
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Originally Posted by D Bergstrom View Post
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
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post #9 of 17 Old 02-01-2010, 01:26 PM Thread Starter
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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.
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post #10 of 17 Old 02-01-2010, 01:32 PM
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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

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2015 sponsors: Teixeiratech.com, Motowoz.com, Snailmotorsports.com, My bank account.

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