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News Headlines
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Stimulus bill offers tax credit for motorcycle purchases
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February 18th, 2009
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MOTORCYCLE BUYER TAX DEDUCTION For the rest of 2009, you will be able to deduct the state and local sales and excise taxes you pay on the purchase of a new motorcycle.
This will be an “above-the-line deduction,” according to Clint Stretch, the managing principal of tax policy at Deloitte L.L.C. in Washington. That means that you can take it regardless of whether you itemize other deductions on your tax return.
Mark Luscombe, principal tax analyst for CCH, a tax information service, notes that state sales taxes alone can run 6 to 7 percent, before any county or local tax kicks in. That said, if you trade in a vehicle, your taxable purchase price may be lower.
Eligibility for this tax break begins to phase out for single people with adjusted gross income over $125,000 or $250,000 for married couples filing jointly. |
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