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The document is a Non-Retailer Use Tax Transaction Self-Assessment Return form from the Cook County Department of Revenue. It provides instructions for completing the form, including sections for purchaser and seller information, vehicle details, and tax calculation based on exemptions or exceptions. The form must be submitted with supporting documentation within 30 days of vehicle purchase to avoid penalties.

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What is Rut-25 tax in Illinois?

You must complete Form RUT-25, Vehicle Use Tax Transaction Return, if you are titling or registering in Illinois a motor vehicle (including all-terrain vehicle (ATV)), trailer, manufactured (mobile) home, watercraft, aircraft, or snowmobile that you purchased from an unregistered out-of-State dealer or retailer.

How much is sales tax on an RV in Illinois?

Use Tax rates are 6.25% of the purchase price of general merchandise and 1% of the purchase price of qualifying food, drugs, and medical appliances.

What is Rut-50 tax in Illinois?

Form RUT-50, Private Party Vehicle Use Tax Transaction, must be filed by an individual or business entity titling a motor vehicle in Illinois when the individual or business entity: acquired a motor vehicle by purchase, gift, or transfer from a private party either within or outside Illinois; or.

Do I have to pay sales tax on a gifted car in Illinois?

If you purchase a car from an individual, or acquire it through a gift or transfer, you must pay Private Party Vehicle Use Tax. Use form RUT-50. Instead of owing the difference in sales tax, you will pay a specified amount based on the purchase price (or fair market value) of the vehicle.

What is a gifted car bill of sale in Illinois?

A Gifted Car Bill of Sale is a legal document used to record the transfer of vehicle ownership as a gift. It is important because it provides proof of the gift, facilitates title and registration updates, and protects both the donor and the recipient.

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How much does it cost to transfer a car title to a family member in Illinois?

Fee Structure Fee TypeAmount Title transfer fee $150 Vehicle transfer tax 6.25% of sale price Duplicate title request $50 Dec 19, 2024

Do I pay taxes on a gifted car in Illinois?

At the time you apply for an Illinois title with the Secretary of State for a vehicle you purchased, leased, or acquired by gift or transfer, you are required to submit either payment of tax or proof that no tax is due before your vehicle can be titled.

Is it better to gift a car or sell for a dollar in Illinois?

To gift someone a vehicle, you must transfer the vehicle title to their name and create a bill of sale. Selling a vehicle for $1 instead of gifting it could result in your recipient paying sales tax based on the cars fair market value its better to stick with the official gifting process.

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