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Discussion Starter #1
Hi All,

I recently noticed that the paper works shows that I bought my bike in Nov 2012. Actually I did put money down $100 in November as they did not have the color i was looking for. My dealer called me in January 3rd or 4th and informed me that bike has arrived so i went there and paid the rest of the amount in full. I was assuming that because I paid the whole amount except the first $100 in 2013 so I will add my bike info when filing tax next year in 2014.

when i got my bike with the paper work, it shows that I bought it in Nov 2012.

I already filed my taxes a month ago. should i amend my taxes or wait till next year. that is so confusing.
 

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Hi All,

I recently noticed that the paper works shows that I bought my bike in Nov 2012. Actually I did put money down $100 in November as they did not have the color i was looking for. My dealer called me in January 3rd or 4th and informed me that bike has arrived so i went there and paid the rest of the amount in full. I was assuming that because I paid the whole amount except the first $100 in 2013 so I will add my bike info when filing tax next year in 2014.

when i got my bike with the paper work, it shows that I bought it in Nov 2012.

I already filed my taxes a month ago. should i amend my taxes or wait till next year. that is so confusing.
What are you going to list your bike as? A capital acquisition? Are you planning on taking CCA on it? Which may lead to recapture (full income inclusion) when you sell it...? Hoping for a terminal loss?
 

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Discussion Starter #3
What are you going to list your bike as? A capital acquisition? Are you planning on taking CCA on it? Which may lead to recapture (full income inclusion) when you sell it...? Hoping for a terminal loss?
I thought what ever we buy during a year, should be added. Shouldn't we Also, I have no idea what can is
Could You please explain a little. Thanks.
 

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I thought what ever we buy during a year, should be added. Shouldn't we Also, I have no idea what can is
Could You please explain a little. Thanks.
Adding in purchases is only necessary if you itemize your deductions and that's only worthwhile if you will end up having more deductions total than the standard deduction.
 

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Discussion Starter #5
So, just wanted to clarify that if I did not mention about the bike purchase, it will not consider as hiding something from the govt. is this correct?
 

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Only reason to list any vehicles on a US tax return would be if you were going to deduct them as a business expense. If you took delivery in 2013 then that would be the in service date which would be the first day you could ride the bike.
Apparently the selling dealer wanted to record the transaction in 2012 for whatever reason. Probably to avoid tax increases in 2013.

regards
Mech
 

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