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I am buying a dump truck from a company who is funding it…

Customer Question
I am buying a...

I am buying a dump truck from a Washington company who is funding it for us . It is a brand new 2018 dump truck that they are purchasing then turning around and selling it to us. In the papers I signed it said no sales tax due to it being intrastate commerce. However though I have that form that says no sales tax on the loan papers it's charging 20,946.00 for excise tax. i am confused?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't know.

Submitted: 2 months ago.Category: Tax
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Answered in 22 minutes by:
12/17/2017
Tax Professional: Barbara, Enrolled Agent replied 2 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,806
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Sales tax is not the same as excise tax.

Excise tax is imposed by the federal government.

The following links contain the IRS guidance on truck sale excise tax:

https://www.irs.gov/newsroom/irs-issues-guidance-on-truck-sale-excise-tax

http://rsmus.com/what-we-do/services/tax/tax-alerts/irs-provides-guidance-regarding-heavy-truck-excise-tax.html

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 2 months ago
I am not happy with the response.
I am not an attorney, I don’t understand the legality. That’s is why I contacted you.
Tax Professional: Barbara, Enrolled Agent replied 2 months ago

It's not a legal issue. It's a tax issue.

A federal excise tax of 12 percent is imposed on the first retail sale of heavy trucks and trailers. There are several exceptions to the tax, including ones related to (1) chassis suitable for a vehicle with a gross vehicle weight of 33,000 pounds or less; (2) trailers weighing 26,000 pounds or less; and (3) tractors weighing 19,500 pounds or less with a gross combined weight of 33,000 or less.

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Barbara
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