Steps to transfer the sold truck credits when filing Form 2290 to a new truck

Eligibility to Transfer Credits

You can claim a credit for Heavy Vehicle Use Tax (HVUT) paid on a sold, stolen, or destroyed truck.

The credit can only be applied to a new truck in the same tax period.

You will require information about the sold truck, such as VIN, date of sale, and taxable weight.

Form 2290 for the Newly Purchased Truck

File Form 2290 for the newly purchased truck.

Compute the tax amount using the first-use month and taxable weight

Claim Credit for the Sold Truck

Apply Schedule 6 (Claim for Credit or Refund of Heavy Vehicle Use Tax) to the Form 2290 e-filing

Insert the sold truck's VIN, the date of sale, and credit amount.

The IRS will use the credit amount as a payment on the tax due for the new truck.

Change the Payment Amount

Subtract the credit amount from the tax due on the new truck.

Pay only the difference.

Keep Records

Maintain proof of sale (bill of sale) and previous Form 2290 Schedule 1 for records

You should allow the IRS to accept the credit before altering the payment.

Note: For more information, visit IRS website