Used Truck HVUT: Transferring Responsibility and Filing for New Owners
Buying a used heavy highway vehicle is a thrilling adventure for any owner-operator or fleet. But it helps to know the Heavy Highway Vehicle Use Tax (HVUT) requirements that come with it. Most times, we're asked at SimpleTruckTax.com, "Does the previous owner's Form 2290 payment transfer to me?" And the answer is a big no. The HVUT responsibility lies with the individual or business in whose name the vehicle is registered.
The Role of First Used Month (FUM)
When purchasing a second-hand truck, you become liable for the payment of HVUT from the date of purchase until June 30th, which is the end of the tax period. You will have to file a fresh Form 2290 and pay a prorated amount of tax based on your First Used Month (FUM). FUM is the month when you place the truck on a public highway for the first time after you have purchased it.
For example, if you buy and put into service a truck during October, your FUM is October, and you will file a prorated HVUT return from October 1st through June 30th.
What about the previous owner's filing?
The stamped Schedule 1 of the prior owner will only be in effect for their ownership period. When you file your own Form 2290 as the new owner, the IRS will issue you a new, unique stamped Schedule 1 associated with your business's EIN (Employer Identification Number) and VIN (Vehicle Identification Number) of the vehicle. Your new document is essential in your state vehicle registration and to prove your personal HVUT compliance.
A Fast and Simple Process with SimpleTruckTax.com
Calculating the prorated HVUT might look daunting, but our 2290 e-file process makes it a breeze. Our system calculates the correct prorated tax for your new-to-you truck easily, so you pay the right amount and avoid a nice penalty. We provide fast processing and immediate release of your new stamped Schedule 1, so you can register your truck and hit the road in no time.
Don't allow a used truck purchase become a tax problem. Be aware that as the owner, the HVUT responsibility lies with you. E-file Form 2290 for your used truck now with SimpleTruckTax.com and drive free of worry.
