09 and 2010 new motorcycle tax credit??
 

I am the furthest thing from a CPA so I have a tax question. I thought that new motorcycle purchases in 09 (and 10) received a tax credit. I may be way off here but if anyone has any insight I would sure appreciate it.

oh yeah, I bought a new nighster in 09 and traded it in for a new SG in 10

thanks

I used it on my taxes. You are allowed to use the sales tax on a new vehicle purchased during 2009 and motorcycle is on the list.

Yep. New vehicle in 09 qualifies. There is something about any vehicle purchased as well. I purchased a used truck in 08 and was able to claim the taxes for that.

Thanks for the tip. I'll have to look in to that one.

In Illinois this year I was able to deduct new vehicle sales tax as well as property taxes using standard deductions. From my understanding a motorcycle is a qualified vehicle.

if you purchased a new motorcycle (or car, truck) in the year 2009, you can subtract the state taxes you paid on your purchase off of your taxible income and claim it on your federal taxes as long as you don't make more than $150k as an individual or over $250k as a couple. Even in states that dont have sales tax you can still make a claim on your federal taxes up to a certain amout.

I just filed my taxes using turbotax, inputed the sales tax paid on our recent vehicle purchase ($1390.00) it only made a $400.00 difference to my total tax bill. I dunno how it works if you are getting a refund but it didn't help a whole lot for me.

It's not a refund or credit -- the sales tax paid is a deduction on your federal return.

Disclaimer: I'm not a CPA, but I've done my own taxes for years. Do a little research on Google or contact your local tax dude.

We also were able to use this deduction for both 2010 bikes we purchased in 09. Didn't make a lot of difference to us because we traded in bikes so the sales tax was a lot smaller. Also, some of the online tax sites (tax brain for one), don't have the form available so don't waste your time with them. I spent an hour and half completing crap only to find out they don't use this form and had to do it over again elsewhere.

On the IRS website it says the vehicle must be purchased between Feb 16 and Dec 31 09. Does anyone know anything different?

Here is another funny thing. I bought the 09 SG new in florida for MSRP. I was looking on the invoice this evening and it said the State Sales tax was only $178.00!!! I think hey screwed up on that number when they sold it to me but I dont think I am going to bring it to their attention.