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Form RUT-75 is generally obtained when you license and title your aircraft or watercraft at the appropriate state agency, i.e., the Illinois Department of Transportation (for aircraft) or the Illinois Department of Natural Resources (for watercraft). Do not make copies of the form prior to completing.
What is rut 50 tax Illinois?
Tax form RUT-50 is an automotive tax form in the state of Illinois. It is known as the Private Party Vehicle Use Tax, which means that it taxes you for having purchased or acquired your car from a private party as opposed to a dealer or lender.
What is an Illinois St-556 form?
Who must file Form ST-556? If you sell items at retail in Illinois that are of the type that must be titled or registered by an agency of Illinois state government (i.e., vehicles, watercraft, aircraft, trailers, and mobile homes), you must report these sales on Form ST\u2011556, Sales Tax Transaction Return.
How do I report use tax in Illinois?
Individuals should report use tax on Form ST-44, Illinois Use Tax Return. An individual also may use Form IL-1040, Individual Income Tax Return, to report use tax along with his or her income tax liability, provided the individual's annual use tax liability is $600 or less.
Do you have to pay sales tax on a used boat in Illinois?
TAXES \u2013 6.5% on Vessels Purchased from a Dealer or Broker. Sales from individual to individual 16' and under are not taxed.
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People also ask
Where can I get an Illinois rut 50 form?
These forms are available at the offices of the Illinois Secretary of State, the Illinois Department of Transportation, or the Illinois Department of Natural Resources. If you need to obtain the forms prior to registering the vehicle, send us an email request or call our 24-hour Forms Order Line at 1 800 356-6302.
How do you pay taxes on a boat in Illinois?
If you purchase a watercraft from an unregistered or out-of-state dealer or retailer, you must file and pay the tax using Form RUT-25, Vehicle Use Tax Return. The tax is based on the watercraft's purchase price. The tax rate is determined by the address at which the watercraft will be registered or titled in Illinois.
What is rut 25 Illinois?
Individuals moving to Illinois who have purchased a vehicle from an out-of-state licensed dealer must submit a completed Tax Form RUT-25 (Vehicle Use Tax Transaction Return). Tax payments must be in the form of a separate check or money order payable to Illinois Department of Revenue.
Do you pay tax on a private car sale in Illinois?
Do you pay taxes when buying a car privately in Illinois? You have to pay a use tax when you purchase a car in a private sale in Illinois. The tax rate is based on the purchase price or fair market value of the car.
What is form rut 50 Illinois?
Tax form RUT-50 is an automotive tax form in the state of Illinois. It is known as the Private Party Vehicle Use Tax, which means that it taxes you for having purchased or acquired your car from a private party as opposed to a dealer or lender.
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