If you own a heavy vehicle with a taxable gross weight of 55,000 pounds, you must file Form 2290 and pay the Heavy Vehicle Use Tax (HVUT) to the IRS. It’s a common question among truck owners – can you transfer your Form 2290 to a new truck? Let’s study the answer in more detail.
What are Form 2290 and HVUT?
To understand whether Form 2290 can be transferred to a new truck, we must understand what Form 2290 and HVUT are. Form 2290 is an IRS form used to report the Heavy Vehicle Use Tax (HVUT). Owners of heavy vehicles must pay this tax annually.
Can you transfer Form 2290 to a new truck?
The short answer is no. Payment for heavy vehicle usage tax is not transferable between vehicles or owners. So when you sell your old truck and buy a new one, you must file a new Form 2290 for the new vehicle and pay the HVUT for the current tax year.
However, the IRS allows you to claim a credit for taxes given on the old truck. Therefore, when you e-file your 2290 for your new vehicle, enter your old truck as a credit vehicle to be eligible for the credit.
How to Claim a Form 2290 Refund?
If the vehicle was sold before June 1st, you could claim a refund for the tax paid on the next Form 2290 filed or Form 8849 (Claim for Refund of Excise Taxes). The credit will also be prorated based on the vehicle’s sale date. Therefore, you can claim the credit before the end of the tax period.
Suspended Vehicle Credits
If you have a suspended vehicle credit, you may claim the entire amount of tax paid in the previous tax year. During the fiscal year, a suspended vehicle is expected to cover 5,000 miles or less (7,500 miles or less for agricultural automobiles). If you have yet to exceed the mileage limit by the end of the tax year, you can claim the full tax amount paid in that tax year as a refund on Form 8849 or as a credit on any upcoming Form 2290 you file.
In conclusion, transferring Form 2290 to a new truck is not possible. Owners of heavy vehicles must file a new Form 2290 for the new vehicle and pay the Heavy Vehicle Use Tax (HVUT) for the current tax year. However, you may claim a credit for taxes paid on the old truck by adding it as a credit vehicle when you e-file your 2290 for your new vehicle. Remember, suspended vehicle credits allow for a refund or credit for used 5,000 miles or less.
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