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Record keeping for tax purposes is one of the most important aspects of business. When it comes to tax records for your taxable highway vehicles, make sure to keep your records as long as the IRS requires you to do so. By using the efile tax service at YourTruckTax.com, you can eliminate extraneous paperwork and paper storage.

  1. How long must I keep records for taxable highway vehicles?
  2. What information should be available for each vehicle in my records?

How long must I keep records for taxable highway vehicles?

Keep records for all taxable highway vehicles registered in your name for at least 3 years after the date the tax is due or paid, whichever is later. Records must be available at all times for inspection by the IRS. Also keep copies of all returns and schedules you have filed. Keep your records even if a vehicle is registered in your name for only a portion of a period. If the tax is suspended on a highway motor vehicle for a period because its use on public highways during the period did not exceed 5,000 miles (7,500 miles for agricultural vehicles), the registrant must keep the records at least 3 years after the end of the period to which the suspension applies.

What information should I keep along with IRS Form 2290?

Records for each vehicle should show all of the following information:

  • A detailed description of the vehicle, including the VIN
  • The weight of loads carried by the vehicle in the same form as required by any state in which the vehicle is registered or required to be registered
  • The date you acquired the vehicle and the name and address of the person from whom you acquired it
  • The first month of each period in which a taxable use occurred and any prior month in which the vehicle was used in the period while registered in your name, with proof that the prior use was not a taxable use
  • The date the vehicle was sold or transferred and the name and address of the purchaser or transferee. If it was not sold, the records must show how and when you disposed of it

If the tax is suspended for a vehicle, keep a record of actual highway mileage. For an agricultural vehicle, keep accurate records of the number of miles it is driven on a farm

Easy filing of tax form 2290