Write off your ATV on taxes?????
#1
02-25-2006, 10:23 PM
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Write off your ATV on taxes?????
Just wonerding if anyone out there has ever heard of writting off their ATV on their taxes? I was talking with a buddy of mine and he told me that he heard, if you purchase a utility ATV includeing two land assesories (plow & trailor) then you can write the ATV, plow, and trailer off on your taxes. Not sure if this is true but maybe someone can give insight? I live in new hampshire and if it's true then I'll be on my way to getting me a new toy.
#2
02-26-2006, 03:30 AM
Write off your ATV on taxes?????
Not sure but I don't think you could if it was just for personal use. If it was for a business then yes. A friend of mine has a daycare at his home and he writes his off for snow removal. He wasn't able to write the whole thing off all at once though. They would only allow him to write so much off per year. I don't know if it makes any difference, but we live in Minnesota. Your best bet would be to talk to an accountant.
#3
02-26-2006, 11:12 AM
Pirate Biker
Limping Rider!
Limping Rider!
Write off your ATV on taxes?????
Like BluBus said, if you have a business that you use it for then you can right it off or put it on a depreciation schedule.
You CAN write off the sales tax you paid on it. Just as you can write off the sales tax on any large motor vehicle (car, truck, boat etc) that you bought in 2005.
If you bought a motorhome or camper or boat that has a bathroom and kitchen you can also write those off as second homes.
If you are a licensed contractor you can right off the whole price of a truck or van with a gross vehicle weight of 8,000# or more. You can also write off the price of a camper or motorhome as a work shack.
Talk to your accountant or tax preparer for more information.
You CAN write off the sales tax you paid on it. Just as you can write off the sales tax on any large motor vehicle (car, truck, boat etc) that you bought in 2005.
If you bought a motorhome or camper or boat that has a bathroom and kitchen you can also write those off as second homes.
If you are a licensed contractor you can right off the whole price of a truck or van with a gross vehicle weight of 8,000# or more. You can also write off the price of a camper or motorhome as a work shack.
Talk to your accountant or tax preparer for more information.
#4
02-26-2006, 06:49 PM
#5
02-28-2006, 12:04 AM
Write off your ATV on taxes?????
Originally posted by: ToughGUY2169
I write mine off for work. ( Lobsterman) I recover traps in hard to get places with it. So it comes in handy there. Plus it's a nice write off.
I write mine off for work. ( Lobsterman) I recover traps in hard to get places with it. So it comes in handy there. Plus it's a nice write off.
#6
02-28-2006, 01:54 AM
#7
02-28-2006, 09:14 AM
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#8
02-28-2006, 09:46 AM
Pirate Biker
Limping Rider!
Limping Rider!
#9
03-01-2006, 10:56 AM
Write off your ATV on taxes?????
If you have a farm you can forgo paying state tax. You can also write it off as a farm expense and depreciate it on your taxes. About 2-3 years ago the gov had a program where you could depreciate farm items 100% in the first year (usually a step procedure). Tractors, trailers, implements, fences, etc. This incouraged a lot of buying. I believe it was deducted off your adjusted gross income. So if you made 100k and bought a 30k tractor, you would pay taxes on 70k. About as good as a write off you can get. If you own a business you can get the business to buy it and depreciate it over several years. But in a business you generally have to pay taxes on the item until it's full depreciated. For computers I think that's about 6 years. The value drops down each year so the tax due is less.
You do have to be careful on what and how much you write off or you will raise red flags.
You do have to be careful on what and how much you write off or you will raise red flags.
#10
03-01-2006, 07:06 PM
