Get Form Rut 75 2015

Buyers must pay a transfer tax when they buy a car. But that tax is lower when you buy from a private party than when you buy from a dealer. Cars bought from dealers are taxed at the basic 6.25% Illinois sales tax rate, plus any local taxes. That's applied to the purchase price of the vehicle.

But that tax is lower when you buy from a private party than when you buy from a dealer. Cars bought from dealers are taxed at the basic 6.25% Illinois sales tax rate, plus any local taxes. ... The tax is supposed to be paid directly by the buyer, or recipient, on any vehicle "acquired by gift, transfer, or purchase."

Yes, you must pay sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the individual selling the car. You will pay it to your state's DMV when you register the vehicle.

Illinois Grocery items are not tax exempt, but they are taxable at a reduced rate of 1%. Candy, soft drinks, alcoholic beverages, and food prepared for immediate consumption do not qualify for the 1% rate. Kentucky Food and food ingredients are exempt from sales tax.

An Illinois bill of sale is not required to register a vehicle. However, a bill of sale can be a helpful document. ... To register a vehicle in Illinois, you need to apply for registration and title on the vehicle. You can use a bill of sale along with the proper VSD form depending on your needs.

The state currently collects no sales tax on a car's trade-in value, which acts as credit toward a new vehicle purchase. By law, sales tax only applies to the difference between trade-in value and the new vehicle's purchase price. That changes Jan. 1. Under Senate Bill 690, signed June 28 by Gov. J.B.

This page covers the most important aspects of Illinois' sales tax with respects to vehicle purchases. For vehicles that are being rented or leased, see see taxation of leases and rentals. Illinois collects a 7.25% state sales tax rate on the purchase of all vehicles.

The fee for a first-time registration or renewal in Illinois is $101. If you are also titling a car you just bought, the title fee is $95. You'll also need to pay sales tax, which varies depending on where you live in Illinois. But expect to pay between 6.5 and 7.5 percent of what you paid for the vehicle.

Most states require sales tax to be paid only on the difference between the price of your trade-in and the vehicle you're buying, not the full price of the next car. But this tax benefit doesn't apply if you sell your old vehicle yourself.

The tax is based on the city where the car buyer lives. The least a buyer can pay is 6.25%. Chicago car buyers pay 9.5% in sales taxes, which would add an additional $950 to that $20,000 trade-in. "This is a huge concern for us," said Pete Sander, president of the Illinois Automobile Dealers Association.

Cars bought from dealers are taxed at the basic 6.25% Illinois sales tax rate, plus any local taxes. That's applied to the purchase price of the vehicle. The dealer is supposed to collect the tax from the buyer, and pay it to the Department of Revenue. Transfers between private parties are taxed at a different "rate."

Buyers must pay a transfer tax when they buy a car. ... Cars bought from dealers are taxed at the basic 6.25% Illinois sales tax rate, plus any local taxes. That's applied to the purchase price of the vehicle. The dealer is supposed to collect the tax from the buyer, and pay it to the Department of Revenue.

If you are leasing the vehicle from an unregistered out-of-state retailer, you must use Form RUT-25-LSE to report the transaction. ... If you originally purchased (or acquired by gift or transfer) your vehicle from an individual or other private party, you must use Form RUT-50 when you bring the vehicle into Illinois.

The fee for a first-time registration or renewal in Illinois is $101. If you are also titling a car you just bought, the title fee is $95. You'll also need to pay sales tax, which varies depending on where you live in Illinois. But expect to pay between 6.5 and 7.5 percent of what you paid for the vehicle.

Yes, you must pay sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the individual selling the car. You will pay it to your state's DMV when you register the vehicle.