Form 2290 must be filed by drivers of vehicles weighing 55,000 pounds or more for the Heavy Vehicle Use Tax. Typically if you are the owner of that vehicle you will be the one that files for it. What happens when a truck of this weight is bought or sold in terms of filing Form 2290?
When buying a vehicle of a qualifying weight the ownership of that vehicle is transferred to you. Now you have to pay the Heavy Vehicle Use Tax for that vehicle and File Form 2290. How much tax you owe depends on the weight of the vehicle you purchase, when you plan to put it on the road, and how much you plan to drive it.
Form 2290 is due on August 31st because the tax year for the Heavy Vehicle Use Tax goes from July 1st to June 30th of the following year. The month that you put your vehicle on the road for the first time is the first used month. If you put the vehicle on the road in the middle of the tax year, you will owe the tax amount for the months remaining in that year.
If you sell a vehicle of a qualifying weight, the process is a little different, especially if you have already paid the Heavy Vehicle Use Tax for this vehicle for the year. If you plan to purchase a new vehicle or already have another vehicle, the next time you file you are able to claim a sold vehicle credit on that vehicle. This will reduce the amount of taxes you owe on this vehicle.
If you do not plan to purchase another vehicle or don’t have another one, you are able to file a Form 8849 which is designed to request a refund for the tax amount for the months that you no longer owned the vehicle. You are also able to file one if you still have or are planning to buy another vehicle, though Form 8849 is processed manually so it can take up to a year to be processed.
If you are buying or selling a vehicle, ExpressTruckTax makes filing Form 2290 easy. You can file Form 2290 and specify the First Used Month after you purchase a new vehicle now that you have ownership of it. ExpressTruckTax also makes claiming credits on sold vehicles a breeze. Simply file for your new or current vehicle and then specify that you are claiming a credit on the sold one. You will put in the details of the sale, who you sold the vehicle to, their information, and the date of the sale. ExpressTruckTax also makes filing Form 8849 easy too though you have to specify all of the information regarding the sale including who you sold the vehicle to, their information, the date of sale, and provide the bill of sale.
To make your filing experience fast and easy, choose ExpressTruckTax! The entire process only takes a few minutes and can be completed from any device to make it as convenient as possible. What are you waiting for? File with ExpressTruckTax today!