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Harris Texas online Form W-8BEN: What You Should Know
Do I have to be a resident of Texas to get a Texas tax exemption? No. Tax exemptions are available to all individuals who have lived in Texas and who meet all the other conditions for an exemption. 2. Do I have to have a place to store my vehicle? No. The certificate of entity status will describe the place the entity owns the vehicle. A resident is considered to have a physical presence in Texas within 90 days after filing a request for the exemption. 3. If I give my vehicle to my employer, do I have to give the company a copy of the Form W-801 if I have received a Form 8283 from the state? No. The Internal Revenue Service allows you, as soon as the vehicle is parked at the company's place of business, to give the employee/employer a copy of the Form W-801 that you fill out as the entity status of your vehicle is being filled out. 4. Will I be paid until I receive the certificate of entity status? No. The only payment that you will be paid at this time is a 10% processing fee. 5. What is the maximum amount of my exemption? This is subject to change depending on individual circumstances. These amounts may vary for each entity. There will be a separate application process for those entities with large tax liability. 6. Can I keep the certificate after the 10% processing fee has been paid? Yes. However, once a Certificate of Entities Status of Beneficial Owner has been issued, the entity will continue to be the entity, and no further information will be available until the entity actually files a return. 7. Are vehicles for rent, leased, or owned by other entities taxed when I transfer my vehicle to one of those entities? Generally, if you use the Certificate of Entities Status to transfer your vehicles, then you will be taxed at the owner's tax rate, and you will need to report your vehicle at that rate on your tax return. This applies whether the vehicles were for sale. In other cases, you may be able to trade in or sell your vehicle. In any event, you will need to pay tax on the difference between the amount received and the tax due when you file your return.
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