GL1800Riders Forums banner

1 - 18 of 18 Posts

·
Registered
Joined
·
419 Posts
Discussion Starter #1
Doubt I'm even spelling it correct but today I heard the new package will allow a person to write off sales taxes from new car and truck sales. NOW GET THIS just added to the allowable sales are motorcycles. Not sure if this is american made only or any motorcycle sale. I heard this while at a HOG meeting and then later at another Harley dealership.

Has this been discussed on here and I just missed it? if so please forgive I've not been on the site much lately.
 

·
Registered
Joined
·
2,196 Posts
I read online that for 2009 the sales tax on cars, trucks & motorcyles is deductable, the interest is deductable for 2009 only, so far, email the
Whitehouse & ask them, they should know..
 

·
Registered
Joined
·
2,160 Posts
I read online that for 2009 the sales tax on cars, trucks & motorcyles is deductable, the interest is deductable for 2009 only, so far, email the
Whitehouse & ask them, they should know..
I seriously doubt it!!!:roll::roll::roll:
 

·
Registered
Joined
·
3,345 Posts
I believe Hal posted this info. I am sure that it is correct although I'm not sure on the details.
 

·
Registered
Joined
·
547 Posts
yes motorcycles are getting the same deal the cagers get :cool:
 

·
Registered
Joined
·
3,914 Posts
I heard the new package will allow a person to write off sales taxes from new car and truck sales. NOW GET THIS just added to the allowable sales are motorcycles.
Yes, sales tax is deductible for any new motorcycle, car or RV up to a purchase price of $49,999....

It has been pointed out by some posters that in their state either there is no sales tax or sales tax is already deductible on their state income tax. For them, this probably isn't gonna help much...

I believe the provision for deducting interest did NOT make it into the final bill..
 

·
Registered
Joined
·
356 Posts
Sales tax only and only for purchases after Feb 17th or whenever the bill was signed. Those of us that tried to stimulate the economy in January are screwed again.
 

·
Registered
Joined
·
1,053 Posts
Sales tax only and only for purchases after Feb 17th or whenever the bill was signed. Those of us that tried to stimulate the economy in January are screwed again.
You should have waited:shrug:
 

·
Registered
Joined
·
419 Posts
Discussion Starter #9
Well here in MS we pay 7% on motorcycles where cars and trucks pay just 5%. Of that 5% 2% goes into a special fund that reduces car and truck tag costs. Motorcycles don't get that break and still pay 2% more than the cars. We getting double screwed.

At least now I hope I can claim the sales tax on the income tax.:coffee1:
 

·
Registered
Joined
·
352 Posts
Is this a tax "deduction" or a tax "decrease"?
A deduction will save around 350-500 dollars depending on sales tax rate and a person's tax rate on a 20K Wing.
A decrease in taxes paid will result in 1200-1500 savings in taxes.
Don't think many people will buy a bike/car to save 300-500 dollars.
Saving 1200-1500 dollars is a different story. I might bite on that savings.

RiderUSA
 

·
Registered
Joined
·
8,038 Posts
I got this in email and it pretty much explains it..:roll:


Shortly after class, an economics student approaches his economics professor and says, "I don't understand this stimulus bill. Can you explain it to me?"

The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you." The student agreed.

At the agreed-upon time, the student showed up at the professor's house. The professor stated that the weekend project involved his backyard pool.

They both went out back to the pool, and the professor handed the student a bucket. Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can." The student did as he was instructed.

The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it." The student was naturally confused, but did as he was told.

The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.

The confused student asked, "Excuse me, but why are we doing this?"

The professor matter-of-factly stated that he was trying to make the shallow end much deeper.

The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.

However, after the 6th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad. The student finally replied, "All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"

The professor put down his bucket and replied with a smile, "Congratulations. You now understand the stimulus bill."
 

·
Registered
Joined
·
276 Posts
Is this a tax "deduction" or a tax "decrease"?
A deduction will save around 350-500 dollars depending on sales tax rate and a person's tax rate on a 20K Wing.
A decrease in taxes paid will result in 1200-1500 savings in taxes.
Don't think many people will buy a bike/car to save 300-500 dollars.
Saving 1200-1500 dollars is a different story. I might bite on that savings.

RiderUSA
It is a "deduction", not a reduction in your tax bill.

And, separately, it will be interesting to see if, in the end, this isn't what it's cracked up to be. I.e., in Maryalnd, we don't pay a "sales tax" on a car, we pay a "titling tax". Same rate as the sales tax, but it is called something else. I don't know if the language in he bill is limited to "sales tax", or if it is written broadly enough to include whatever tax is imposed on the purchase of a new car/truck/motorcycle etc.

Is this just one more case of gummint gotcha?
 

·
Registered
Joined
·
356 Posts
You should have waited:shrug:
I know, but I couldn't stand it anymore and really didn't expect to see anything for non american vehicles, let alone motorcycles. I have to buy a car this year but it won't be one of the big three. I am hoping the tax credit will apply to my Hyundai purchase
 

·
Registered
Joined
·
2,405 Posts
Any state in the union that has had a "STATE INCOME TAX" the resdenice of that state already deduct all STATE TAXES paid on thier Federal income tax form.

The Sales Tax paid is a Deduct as well as any Personal Porperty Tax paid.

The only reason that this a stimlus idea is because it may benifit folks that have never paid or filed taxes before, there it's a new idea for them. That's Change for ya!
 

·
Resident BBQ Expert
Joined
·
13,862 Posts
Any state in the union that has had a "STATE INCOME TAX" the resdenice of that state already deduct all STATE TAXES paid on thier Federal income tax form.

The Sales Tax paid is a Deduct as well as any Personal Porperty Tax paid.

The only reason that this a stimlus idea is because it may benifit folks that have never paid or filed taxes before, there it's a new idea for them. That's Change for ya!
so in common terms

its much to do about nothing
 

·
Registered
Joined
·
664 Posts
so in common terms

its much to do about nothing

Hey Loren. :coffee1:
For some it might be much to do about nothing but when I replaced my 08 that got rear ended for the 09, I got to take the sales tax off of my taxes and it amounted to about $1,200.00 when I filed this year!:thumbup: Yea, I'll probably end up paying for it somewhere else but just for a few minutes, it felt good thinking I was getting something besides deeper in debpt and scre#ed by "The Change Man"!
 

·
Registered
Joined
·
2,136 Posts
I got this in email and it pretty much explains it..:roll:


Shortly after class, an economics student approaches his economics professor and says, "I don't understand this stimulus bill. Can you explain it to me?"

The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you." The student agreed.

At the agreed-upon time, the student showed up at the professor's house. The professor stated that the weekend project involved his backyard pool.

They both went out back to the pool, and the professor handed the student a bucket. Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can." The student did as he was instructed.

The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it." The student was naturally confused, but did as he was told.

The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.

The confused student asked, "Excuse me, but why are we doing this?"

The professor matter-of-factly stated that he was trying to make the shallow end much deeper.

The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.

However, after the 6th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad. The student finally replied, "All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"

The professor put down his bucket and replied with a smile, "Congratulations. You now understand the stimulus bill."
:lol:
 
1 - 18 of 18 Posts
Top