The semi truck that I own, with the trailer, is now semi-operational. The only thing that does not work, yet, is the hydraulic beavertail on the trailer.
We are now using it You can see the truck with trailer on this picture:
However, there is a provision that if the truck is expected to be used less than 5,000 miles per year, then it can be claimed as "suspended", and I would not owe tax. This comes to using it less than100 miles per week. As of now, I expect that we will in fact be using it less than 100 miles a week.
Am I correct in my reading that I can claim it as suspended and submit the return, but not pay tax? And if, say, I end up using it more than5,000 miles per year, I can then pay tax? Anyone knows this well enough?