Won a sporty today!!!!!
Road Captain
Joined: Oct 2007
Posts: 619
Likes: 0
From:
why not just get a bill of sale and write it off as a gift and no money was paid and have a notary approve it? we just had a HUGE bonanza this weekend and they gave away 8 harleys, 5-6 cars(new comaro's and vette's) and over 800k in cash. i was wondering about how the tax thing worked with all that.
Road Master
Joined: May 2008
Posts: 957
Likes: 1
From: New York / Texas
before you make up your mind, get the facts straight from the source call the IRS and your state tax dept. help line and ask how the tax liability is figured out with all the facts in hand you will be able to make a reasonable decision
Road Master
Joined: Sep 2008
Posts: 1,217
Likes: 48
From: WI
Bike
What he said !!!
Road Master
Joined: Nov 2009
Posts: 760
Likes: 6
From: Central Wisconsin
Depends on who the 'actual seller' is.
If it's the sponsering dealer then all rules and regulations apply.
If it's the Fund raiser (HOG) then technically it's a 'used' vehicle and depreciations should apply.
If it's the sponsering dealer then all rules and regulations apply.
If it's the Fund raiser (HOG) then technically it's a 'used' vehicle and depreciations should apply.
Road Warrior
Joined: Nov 2008
Posts: 1,955
Likes: 7
From: The Great Northwest
How about calling the dealer and asking for a couple of weeks to decide. Then take out an add in Craigslist, classifieds here, etc for a brand new 883 for $5,500 cash, plus tax and title. That's $1,500 off MSRP. I'm pretty sure that anyone can give anyone an annual tax free gift of up to $12K. Then you just pocket the whole $5,500 and the buyer gets a good deal and can put the bike in his name and pay the taxes and license.
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