2002 yamaha v star 1100 when i hold it at high rpms it backfires a bit is this normal or ok or whats my problem?

If you are sitting still and not riding the bike (just revving it out till it wont rev any more)then it is notbackfiring as such you have reached the engines rev limiter and it is cutting power to the coils in sequence to protect itself from destruction,if it is backfiring at high rpm while riding then is quite likely the engine is running a touch on the lean side,and this needs to be rectified as an engine run for to long in a lean state will cause premature failure of major engine components(pistons normally melt and weld themselves to the barrells)not ideal at all,hope this helps