CBS-1, Notice of Sale, Purchase, or Transfer of - Illinois 2026

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The document is an Illinois General Bill of Sale for personal property, outlining the details of a transaction between a seller and a buyer. It includes sections for the parties' information, property details, trade/purchase price, seller's disclosures regarding ownership and condition of the property, and signature areas for both parties and a witness. Additionally, it contains acknowledgment sections for notarization.

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Click ‘Get Form’ to open the CBS-1 document in the editor.
Begin by filling in the seller's information. Enter the name, driver's license number, address, city, and state in the designated fields.
Next, input the buyer's details in a similar manner: name, driver's license number, address, city, and state.
In the 'Property Details' section, provide a description of the personal property along with any serial number if applicable.
For the 'Trade/Purchase Price', indicate whether payment is being made and specify the amount. Choose from options for payment timing or indicate if it's a gift.
Complete the 'Seller’s Disclosure' by confirming that all statements are true and signing where indicated.
Finally, both parties should sign and print their names in the signature area to finalize the agreement.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What items are tax free in Illinois?

Exemptions Sales to state, local, and federal governments. Sales to not-for-profit organizations that are exclusively charitable, religious, or educational. Sales of newspapers and magazines.

What is the bulk sale act in Illinois?

In Illinois, various Bulk Sales Acts impose an obligation on purchasers of a business or a major portion of the assets of a business, which can include the transfer of real estate, for certain unpaid taxes and even debts for which the seller of such property was responsible.

What is the form for bulk sale in Illinois?

When a bulk sale occurs, the purchaser or transferee must file (and the seller or transferor may file) Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets, to report the sale or transfer of assets to the Illinois Department of Revenue (IDOR).

What are Illinois exemptions?

For tax year beginning January 1, 2024, it is $2,775 per exemption. If someone else can claim you as a dependent and your Illinois base income is $2,775 or less, your exemption allowance is $2,775. If income is greater than $2,775, your exemption allowance is 0.

What sales are exempt from sales tax in Illinois?

EXEMPTIONS Charitable, religious, educational, or government organizations. However, exemptions for charitable organizations vary in scope and requirements. Manufacturing machinery and equipment. Most states have some form of an exemption to manufacturing machinery. Interstate commerce. Planes, trains, trucks, etc.

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What qualifies for exempt on taxes?

Who Does Not Have to Pay Taxes? You generally dont have to pay taxes if your income is less than the standard deduction or the total of your itemized deductions, if you have a certain number of dependents, if you work abroad and are below the required thresholds, or if youre a qualifying non-profit organization.

How to sell a business in Illinois?

To sell a business in Illinois, youll need various legal documents, including a bill of sale, asset purchase agreement, and non-disclosure agreements. Additionally, if the business is a corporation or LLC, transfer documents specific to the business entity are necessary.

What is exempt from Illinois sales tax?

Some customers are exempt from paying sales tax under Illinois law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.

CBS-1, Notice of Sale, Purchase, or Transfer of - Illinois 2026

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