How Are 2290 Taxes Calculated for Privately Purchased Vehicles? Do you know taxes are calculated differently for privately purchased vehicles? Yes, tax calculations for privately purchased vehicles are slightly different than for other heavy vehicles. Before filing Form 2290 and paying highway taxes you need to consider all these factors into consideration.

Getting confused? Don’t worry! We will let you know how are 2290 truck taxes calculated for privately purchased vehicles. We also provide you information about how these factors provide an accurate valuation of your tax amount.

What is a privately purchased 2290 vehicle?

Any highway vehicle purchased form a private seller with the taxable gross weight 55,000 pounds or more is called “privately purchased 2290 vehicle”. Or, A privately purchased vehicle is the vehicle whose HVUT has already paid for the month of sale. Furthermore, vehicle purchased from dealers or auctions are not considered as privately purchased vehicles. On the other hand, the vehicles that are leased from a carrier through a leasing organization are also not privately purchased.

Differences between a privately purchased 2290 vehicle and a vehicle purchased from the dealer

There is a huge difference between a privately purchased vehicle and a vehicle purchased from the dealer. For the vehicles purchased from the dealer, you need to consider the First Use Month of the vehicle. For instance, if you purchase an already existing vehicle in June, then you need to file Form 2290 and pay truck taxes by the last date of the following month of purchase i.e., July 31st. Additionally, the taxes are calculated from the month in which the vehicle drove on public highways. But, for privately purchased vehicles you’re not required to consider the month of purchase when calculating taxes. You need to pay taxes by the following month of purchase. Furthermore, the taxes are calculated form the following month of purchase.

Do I have to pay 2290 truck taxes for the month of the sale?

No, you’re not required to pay the taxes for the month of sale if you’re vehicle is privately purchased. If you buy a vehicle whose HVUT is paid for the month of sale, then the total HVUT doesn’t include the taxes for the month you’ve purchased the vehicle. For instance, if you purchase the vehicle in the month of June and operated it in the same month. Then the total Heavy Vehicle Use Tax for the tax year will be calculated from July to the end of the tax year i.e., June. Hence, the seller is responsible to pay the tax for the month in which the vehicle is sold to the IRS. The buyer is responsible to pay taxes from the following month of purchase.

What is the deadline to file Form 2290 for privately purchased vehicles?

There is no difference in the deadlines for Form 2290 filing and pay taxes for privately purchased and any other heavy vehicles. The due date to file HVUT returns is the last day of the following month of purchase. For example, if you purchased a heavy vehicle from a private seller in the month of May and started using it on public highways. The vehicle’s First Use Month will be “May”. Therefore, the taxes are due to the IRS by June 30th.

How do you file Form 2290 online for privately purchased vehicles?

As mentioned earlier, the due dates and the filing process for privately purchased and any other vehicles looks similar. The only difference is while entering your vehicle information you need to check “did you purchase this vehicle from a private seller?” box. After selecting the box, make sure to provide the purchased month of your vehicle. Then the tax year is automatically calculated and you’ll get to know how much you owe to the IRS.

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