If you used the truck during July, 2008, then the tax is due August 31st. If you didn't use the truck until August, 2008, then the tax is due September 30th. And so on. The tax is due the last day of the month after the truck hits the road. If the truck is not in use for the full Tax Period, you will not have to pay the full $550. Page 10 of the 2290 Instructions shows a sliding payment schedule.
Julie's total exclusion is $94,079. On her American expat tax return she also gets to claim a personal exemption ($3,650) and standard deduction ($5,700). Thus, her 2290 tax form income is negative. She owes no U.S. tax.
These six things make a huge difference in your profit and make tax lien investing very different in different states. Let me give you three examples from states that are all bid down the interest states, but because of the other 5 factors that we mentioned investing in each of these states is quite different.
You're required to file Form 2290 with the IRS for highway motor heavy vehicle tax that have a taxable gross weight of 55,000 pounds or more. The IRS has different requirements for different vehicles. For example vehicles used for agricultural purposes have higher mileage limits than normal vehicles.
You'll need a loan and a hefty down payment before many loan agencies will talk with you. The turnover rate for buying trucks is fairly high so they Heavy highway use tax will not loan to real risky prospects. There are exceptions to that rule. Loan companies are in business to make loans so give it a try and see what happens.
Summary. Because many of these towns are busy and crowded, it is good to visit them with another person or a group, rather than doing the trip alone. You will not be easily taken advantage of this way. To learn more about Mexican border towns, see these websites.