The 762 Virginia form is a crucial document used for reporting tangible personal property, machinery, tools, and merchants’ capital for local taxation in Virginia. This form helps local governments assess the value of various assets owned by individuals and businesses as of January 1 of the reporting year. Completing the form accurately ensures compliance with state tax regulations and helps avoid potential penalties.
The 762 Virginia form is essential for reporting various types of tangible personal property, machinery, tools, and merchants' capital for local taxation purposes. This form, filed annually, requires individuals and businesses to provide detailed information about their owned assets as of January 1. Key sections include the declaration of motor vehicles, manufactured homes, boats, aircraft, and various categories of machinery and tools. Taxpayers must assess and report the fair market value of these assets, which can influence local tax obligations significantly. The form also includes specific provisions for merchants' capital, requiring the reporting of inventory and other taxable property. Additionally, fiduciaries such as executors and guardians must complete relevant sections to ensure compliance. Understanding the nuances of this form is crucial for accurate reporting and tax assessment, as it affects both individual and business financial responsibilities within Virginia's local tax framework.
Completing the 762 Virginia form can be a straightforward process, but many individuals encounter common pitfalls that can lead to inaccuracies or delays. One prevalent mistake is failing to report all owned property. It's essential to list every piece of tangible personal property owned as of January 1, 2009. Omitting items can result in penalties or adjustments from the local tax authority.
Another frequent error involves misclassifying property types. Each category, such as motor vehicles, machinery, and tools, has specific definitions and requirements. For instance, if a vehicle is primarily used for business, it may not qualify for certain tax reliefs. Understanding these distinctions is crucial to ensure proper reporting.
Many people also neglect to include their spouse’s information when filing jointly. The form requires the name and Social Security number of both spouses, and failure to provide this information can lead to complications. Additionally, individuals often forget to sign and date the form, which is a critical step in the submission process.
Providing incorrect valuations is another common mistake. The fair market value of each item must be accurately assessed. If the values listed do not reflect the true worth of the property, it could lead to discrepancies and potential audits. It's advisable to refer to reliable sources or consult with professionals to determine appropriate valuations.
Some filers mistakenly assume that all property qualifies for the same tax treatment. For example, certain vehicles and equipment may have different tax implications based on their use or classification. It’s vital to read the instructions carefully to avoid misreporting.
In addition, individuals often overlook the importance of checking local due dates. While May 1 is a common deadline, some localities may have different requirements. Confirming the specific due date for your jurisdiction can prevent late submissions and associated penalties.
Lastly, many people fail to keep copies of their submitted forms. Retaining a copy is essential for personal records and can be invaluable in case of future inquiries or audits. This simple practice can save a lot of time and stress down the line.
By being aware of these common mistakes, individuals can navigate the 762 Virginia form more effectively and ensure compliance with local taxation requirements.
F
RETURN OF TANGIBLE PERSONAL PROPERTY, MACHINERY AND TOOLS,
2009
O
RM 762
AND MERCHANTS’ CAPITAL — FOR LOCAL TAXATION ONLY
VIRGINIA
Please print
Your social security number or FEIN
Name
Name of wife or husband
Spouse’s social security number
Home address
Number and street or rural route
County or City
City, town or post office
State
ZIP Code
District, Ward or Town
PART I TANGIBLE PERSONAL PROPERTY
1. Motor vehicles
* Leased vehicles for business use
Business
Trade Name of
Model
No. Cylinders
Date
Number
Air Cond.
Fair Market Value
Use
Year
or
Yes or
as Listed by
as Ascertained by
Motor Vehicle
Acquired
Owned
Commissioner
do not qualify for the personal property tax reduction.
Yes or No
Series
Tonnage
No
Taxpayer
of the Revenue
(a)Automobiles (not daily rental passenger cars)
VIN:
(b)Motorcycles
(c)Trucks
(d)Tractors and trailers
(e)Antique motor vehicles
(f)All other motor vehicles and motor homes
2. Manufactured (mobile) offi ces, campers, travel trailers and recreational camping trailers
Manufacturer
Model or Series
Length and
Cost
Width
3. Manufactured (mobile) homes (see instructions on back)
Boats and Watercraft (Assess the value of all
Over
Under
Type
4. property which pertains to craft (§58.1-3500))
5 Tons
Horsepower
(a)Used for recreation and pleasure only . . . .
(b)Boat trailers, etc. . . . . . . . . . . . . . .
(c)Other . . . . . . . . . . . . . . . . . . . .
5.
Aircraft
Model or
(a) Aircraft owned by scheduled air carriers with seating capacity of
no more than 50 persons
(b) All other aircraft and flight simulators
6.
Motor vehicles owned/leased by auxiliary police officers, members or auxiliary members of a volunteer rescue squad or fire department (§§58.1-3506.15, 58.1-3506.16, 58.1-3506.20) . .
7.
Motor vehicles owned by a nonprofi t organization (§58.1-3506.17)
. . . . . . . . . . . . . .
. .
. . . . . . . .
8.
Heavy construction machinery (attach schedule)
. . . . . . . . . . . .
9.
Business furniture and listings not returnable as part of merchants’ capital or if not defined as intangible personal property (§58.1-1100). . .
10.
Furniture and offi ce equipment, including books, used in practicing a profession
11.
Tools, hand or power, including woodworking equipment and metal lathes . . . .
12.
Farming implements, including gas engines, electric motors, etc., threshing machines, corn huskers, feed cutters, combines, harvesters, blowers, plows,
harrows, rakes, mowers, animal drawn vehicles, peanut pickers, etc
. . . . . . . . . . . . . . . . . . . . . . .
.
. . . . . . . . .
13.
Tangible personal property used in research and development business
14.
Tangible personal property, leased, loaned or otherwise made available from federal, state or local government
15.
Tangible personal property consisting of programmable computer equipment and peripherals used in business
Value as
PART II
MACHINERY AND TOOLS (see instructions on back)
Original
Value
Ascertained by
Capitalized
16.
Machinery and tools
17. Energy conversion equipment of MANUFACTURERS (§58.1-3506)
PART III MERCHANTS’ CAPITAL (see instructions on back)
18.
Inventory of stock on hand
19.
Daily rental property
20.
Daily rental passenger cars
21.
All other taxable merchants’ capital
22.
Total taxable merchants’ capital (add lines 18,19, 20 and 21) . .
PART IV
OTHER TANGIBLE PERSONAL PROPERTY
23.
Total amount of Part IV from line 32 on the back of the return . .
24.
All other tangible personal property not specifi cally enumerated on this return .
25. Total (add lines 1-17, 22, 23 and 24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOTES OR COMMENTS:
VA DEPT OF TAXATION 2601043 Rev. 06/08
FORM 762 (2009)
Page 2
PART IV OTHER TANGIBLE PERSONAL PROPERTY
26.(a) Horses, mules and other kindred animals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)Cattle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Owned
(c)Sheep and goats. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)Hogs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Number
(e)Poultry — chickens, turkeys, ducks, geese, etc.. . . . . . . . . . . . . . . . . . . . . . . . . .
(f)Equipment used by farmers or cooperatives to produce ethanol derived primarily from farm products. . . . . . . . . . . . . . . . . .
(g)Grains and other feeds used for the nurture of farm animals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(h)Grain, tobacco and other agricultural products in the hands of a producer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)Equipment and machinery used by farm wineries in the production of wine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27.Felled timber, ties, poles, cord wood, bark and other timber products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28.(a) Refrigerators, deep freeze units, air conditioners and automatic refrigerating machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)Vacuum cleaners, sewing machines, washing machines, dryers and all other household machinery . . . . . . . . . . . . . . . . . . .
(c)Pianos and organs, television sets, radios, phonographs and records and all other musical instruments. . . . . . . . . . . . . . . .
(d)Watches and clocks and gold and silver plates and plated ware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e)Oil paintings, pictures, statuary, and other works of art $ _______ books $ ________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(f)Diamonds, cameos and other precious stones and precious metals used as ornaments or jewelry . . . . . . . . . . . . . . . . . . . .
(g)Sporting and photographic equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(h)Firearms and weapons of all kinds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(i)Bicycles and lawn mowers, hand or power. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(j)Household and kitchen furniture (state number of rooms ______ ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29.Seines, pound nets, fykes, weirs and other devices for catching fi sh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30.Poles, wires, switchboards, etc., telephone or telegraph instruments, apparatus, etc., owned by any person, firm, association or company not incorporated .
31.Toll bridges, turnpikes and ferries (except steam ferries owned and operated by chartered company) . . . . . . . . . . . . . . . . . . . .
32.Total of Part IV (add lines 26 through 31 and enter on line 23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GENERAL INSTRUCTIONS: Complete Form 762, reporting property which you owned on January 1, 2009, then file it with the Commissioner of the Revenue of the County or City generally on or before May 1, 2009. Since some localities have due dates other than May 1, you may want to contact your local office to be sure of the proper due date. Write the word “None” opposite each item of property which you do not own. No property is assess- able as tangible personal property if defined by §58.1-1100 as intangible personal property. If additional space is needed, attach a separate schedule. Note: If your motor vehicle is considered by State Law to have a business usage, it does not qualify for Car Tax Relief. Your vehicle is classified as having business usage if any of the following circumstances apply: 1) more that 50% of the mileage for the year was reported as a business expense for Federal Income Tax purposes or reimbursed by an employer; 2) more than 50% of the depreciation associated with the vehicle is deducted as a business expense for Federal Income Tax purposes; 3) the cost of the vehicle is expensed pursuant to Section 179 of the IRC; or 4) the vehicle is leased by an individual and the leasing company pays the tax without reimbursement from the individual.
DEFINITION OF MANUFACTURED HOMES (ALSO KNOWN AS MOBILE HOMES) FOR PART I, LINE 3
“Manufactured home” means a structure subject to federal regulation, which is transportable in one or more sections; is eight body feet or more in width and 40 body feet or more in length in the traveling mode, or is 320 or more square feet when erected on site; is built on a permanent chassis; is designed to be used as a single-family dwelling, with or without a permanent foundation, when connected to the required utilities; and includes the plumbing, heating, air-conditioning, and electrical systems contained in the structure (§36-85.3, Code of Virginia). “Manufactured homes” are also known as “mobile homes.”
INFORMATION FOR PART II, MACHINERY AND TOOLS
If you are engaged in a manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business, report all machinery and tools used in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business, such machinery and tools being segregated by §58.1-3507, Code of Virginia, as amended for local taxation exclusively, and each county, city and town being required to make a separate classifi cation for all such machinery and tools.
INFORMATION FOR PART III, MERCHANTS’ CAPITAL
If you are a merchant and if locality taxes the capital of merchants, report all other taxable personal property of any kind whatsoever, except money on hand and on deposit and except tangible personal property not offered for sale as merchandise, which tangible personal property should be reported as such on front of this return under the heading “TANGIBLE PERSONAL PROPERTY.”
FOR EXECUTORS, ADMINISTRATORS, TRUSTEES, COMMITTEES, GUARDIANS AND OTHER FIDUCIARIES
If this is the return of tangible personal property, machinery and tools, or merchants’ capital in the hands of an executor, administrator, trustee, committee, guardian or other fiduciary, such fiduciary must complete so much of both pages of this return as pertains to such property and, in addition, supply the information called for below:
1.Character of Fiduciary: Executor j Administrator j Trustee j Committee j Guardian j Other j
2.Name of Estate, Trust or Ward ________________________________________________________________________
(Specify)
DECLARATION OF TAXPAYER
I declare that the statement and figures submitted on both pages of this return are true, full and correct to the best of my knowledge and belief. I certify that unless otherwise indicated as business use, the vehicles listed herein are for personal use.
NOTE — It is a misdemeanor for any person willfully to subscribe a return which he does not believe to be true and correct as to every material matter (Code of Virginia §58.1-11).
(Signature of Taxpayer)
(Date)
(Taxpayer’s Phone Number)
Executors, administrators, trustees and other fi duciaries must also supply information called for on this return.
The Virginia Form 762 is similar to the IRS Form 1040, which is used for individual income tax returns. Both forms require individuals to report various types of property or income. While Form 762 focuses on tangible personal property, machinery, and tools for local taxation, Form 1040 encompasses a broader range of income sources, including wages, interest, and dividends. Both forms necessitate accurate reporting and may require supporting documentation to substantiate the claims made by the taxpayer.
When dealing with vehicle transactions in Ohio, it is essential to understand the importance of using the appropriate documentation. The Ohio PDF Forms provide comprehensive resources that ensure individuals comply with state regulations regarding the sale and transfer of motor vehicles, similar to the reporting obligations that exist for various tax forms.
Another document comparable to Form 762 is the IRS Form 4562, which is utilized for depreciation and amortization. Like Form 762, Form 4562 requires detailed information about property owned by the taxpayer. Both forms aim to assess the value of assets, although Form 4562 specifically addresses the depreciation of assets over time, while Form 762 focuses on the fair market value of tangible personal property as of a specific date.
The Virginia Form 762 shares similarities with the IRS Form 8829, which is used to calculate expenses for business use of a home. Both forms require individuals to report property and its associated values. While Form 762 is concerned with tangible personal property for local taxation, Form 8829 deals with the portion of a home used for business purposes, including a breakdown of expenses related to that use.
Form 762 is also akin to the IRS Form 1065, which is used for partnership returns. Both forms require reporting of property owned by a business entity. Form 762 focuses on tangible personal property, while Form 1065 requires reporting of income, deductions, and credits for partnerships. Both documents emphasize the importance of accurate reporting to comply with tax obligations.
In addition, the Virginia Form 762 is similar to the IRS Form 1099, which reports various types of income other than wages. Both forms require detailed information about assets or income, although Form 1099 is primarily focused on income received by individuals or entities. Form 762, on the other hand, is concerned with the assessment of property for local taxation purposes.
The Form 762 also resembles the IRS Form 8832, which is used to elect how a business entity will be classified for federal tax purposes. Both forms require detailed reporting of property and the nature of ownership. While Form 762 is specific to tangible personal property for local taxation, Form 8832 allows businesses to choose their tax classification, impacting how their assets are treated under tax law.
Another document that shares characteristics with Form 762 is the IRS Form 4797, which is used for the sale of business property. Both forms involve reporting on property owned by the taxpayer. Form 4797 focuses on the gain or loss from the sale of business assets, while Form 762 emphasizes the fair market value of tangible personal property for tax assessment purposes.
Form 762 is also similar to the IRS Form 940, which reports annual Federal Unemployment Tax Act (FUTA) taxes. Both forms require businesses to report specific information related to their operations. While Form 940 deals with employment taxes, Form 762 focuses on the valuation of tangible personal property, highlighting different aspects of tax obligations for businesses.
Furthermore, the Virginia Form 762 is comparable to the IRS Form 941, which is used for quarterly payroll tax reporting. Both forms necessitate accurate reporting of property or income related to business operations. Form 941 focuses on employment taxes withheld from employees, while Form 762 assesses the value of tangible personal property owned by the taxpayer.
Lastly, the Virginia Form 762 shares similarities with the IRS Form 990, which is used by tax-exempt organizations to report financial information. Both forms require detailed reporting of property and financial status. While Form 990 focuses on the financial activities of non-profit organizations, Form 762 is centered on tangible personal property for local taxation, illustrating the diverse nature of tax reporting requirements across different entities.
Filling out the 762 Virginia form is essential for reporting your tangible personal property, machinery and tools, and merchants' capital for local taxation. Follow these steps carefully to ensure accurate completion of the form.
After submitting the form, keep a copy for your records. This will help you in case of any future inquiries or audits regarding your reported property. Make sure to stay informed about any changes in local taxation laws that may affect your filings in the future.
The 762 Virginia form, known as the Return of Tangible Personal Property, Machinery and Tools, is used for local taxation purposes in Virginia. This form allows individuals and businesses to report their tangible personal property, including vehicles, machinery, and other assets, to the Commissioner of the Revenue. It ensures that the appropriate taxes are assessed based on the value of the reported items.
Any individual or business that owns tangible personal property as of January 1 must file this form. This includes homeowners, business owners, and fiduciaries such as executors or trustees managing an estate. If you own vehicles, machinery, or other personal property, you are required to report these assets to your local tax authority.
The form is generally due on or before May 1 each year. However, some localities may have different due dates. It is advisable to contact your local office to confirm the specific deadline applicable to your area to avoid any penalties for late filing.
The form requires reporting various types of tangible personal property, including but not limited to:
Additionally, any machinery and tools used in manufacturing or related businesses should also be reported.
If you do not own specific types of property listed on the form, you should write the word “None” next to each item. This helps ensure that your form is complete and accurately reflects your ownership of tangible personal property.
The fair market value of your property should be assessed based on its current market value as of January 1. You can use various methods, such as consulting with a professional appraiser or referencing market sales data. The form provides space for you to indicate how the value was determined, whether by your own assessment or by the Commissioner of the Revenue.
Failing to file the 762 Virginia form by the due date can result in penalties, which may include fines or additional taxes. It is important to file on time to avoid these consequences. If you believe you have a valid reason for a late submission, it may be beneficial to contact your local tax authority to discuss your situation.
Yes, if you realize that there was an error or omission after submitting your form, you can file an amendment. It is important to correct any inaccuracies as soon as possible to ensure that your tax records are accurate. Contact your local tax office for guidance on the amendment process.
Virginia 801 - If the amount on Line 8 is $0, the form is not necessary for that quarter.
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