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Form 2290 Other Credits (Sold & Destroyed)

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Other Credits (Sold & Destroyed)

Updated on August 27, 2020 - 4:00 PM by Admin, ExpressTruckTax

If your taxable vehicle was sold, stolen, or destroyed during the tax year, you can claim a credit on the HVUT paid for that vehicle with ExpressTruckTax. Our system will calculate the amount the IRS owes you, helping you claim the exact credit amount.

1.What are Form 2290 credits?

The IRS refunds the HVUT amount paid by owners/drivers as credits in the following situations.

  • If the vehicle was sold, stolen, or destroyed within the tax year.
  • If the vehicle has low mileage credits.
  • If you overpaid your HVUT by mistake.

You can either claim a full refund or use the credit to pay your HVUT while filing your Form 2290 the following year.

2.What is a taxable vehicle?

To be considered taxable, a vehicle must match all the following criteria:

  • Operates on public highways
  • Has a taxable gross weight of 55,000 pounds or more
  • Is driven more than 5000 miles (7500 for agricultural vehicles) during the tax year

You must file Form 2290 and pay HVUT every year for taxable vehicles. However, if these vehicles are sold/stolen/destroyed before the tax year ends, you can refund the remaining tax amount.

For example, if you filed Form 2290 and paid the HVUT for your vehicle with July as your First Used Month (FUM) but sold the vehicle in December, you will be able to claim the overpayment for the rest of the tax year (June).

3.How do I claim my credit using ExpressTruckTax?

You can claim your Form 2290 credits in two different ways.

  • Form 2290 - Use your credits to pay the HVUT for the subsequent tax year.
  • Form 8849 - Claim a refund on the HVUT paid for the vehicle.

4.Claiming credits through Form 2290

If your taxable vehicle was sold, destroyed, or stolen during the tax year, you can use the HVUT paid for them as credits to pay your HVUT for the subsequent tax year. Here’s how you can claim your credits through Form 2290.

  • Log in to your ExpressTruckTax account.
  • Click on “E-file for Multiple Vehicles” under “Start New Return.”
  • Choose your tax year and First Used Month (FUM).
  • Enter the required information about all your taxable vehicles.
  • Provide information about suspended and prior-year suspended vehicles if applicable.
  • Enter the required information about your Sold/Destroyed credit vehicle.
  • Follow the prompts to complete your return and transmit it to the IRS.

If your credits are more than your HVUT for the tax year, you cannot claim the excess credit using Form 2290. ExpressTruckTax will automatically create your Form 8849 with the adjusted credits, making it easier for you to claim your refund.

5.Claiming credits through Form 8849

Form 8849 Schedule 6 is exclusively made available by the IRS to claim credits on the HVUT paid. You can claim your credits completely using Form 8849 at any time. Here’s how you can claim credits through Form 8849.

  • Log in to your ExpressTruckTax account.
  • Click on “Start Form 8849” under “Start New Return.”
  • Choose the ending month of your tax year.
  • Enter the required vehicle information on the sold/destroyed credits page.
  • Follow the prompts to complete your return and transmit it to the IRS.

The IRS will process your return and mail you a check on your credit amount within 4-6 weeks after you transmit your return.


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*All data has been sourced from ExpressTruckTax.

For all the ExpressSTATS for July 2020, Learn more at https://www.expresstrucktax.com/express-stats/

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