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Harley a tax deduction....

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Old 01-16-2010, 08:31 AM
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Originally Posted by bksmoky
FYI--I just copied and pasted the following from the IRS website.

Sales Tax Deduction for Vehicle Purchases

The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A. Purchases before Feb. 17, 2009, are not eligible for this special deduction.
The deduction is limited to the tax on up to $49,500 of the purchase price of an eligible motor vehicle. The deduction is phased out for joint filers with modified adjusted gross income between $250,000 and $260,000 and other taxpayers with modified AGI between $125,000 and $135,000.
Its only on a deduction for state and local sales and excise taxes paid on the purchase. So look at your contract and see what taxes you paid then deduct them.
 
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Old 01-16-2010, 08:36 AM
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schedule "L" on my 1040A form, I bought an '09 Ultra
in June 09 and a '09 Suburban in Dec.'09 and they
both count.
 
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