Those who purchase a vehicle from a private seller, receive a vehicle as a gift, or move into Illinois with a vehicle they own are required to file form RUT-50. This tax is also referred to as the Private Party Vehicle Use Tax Transaction Return. The form is used to calculate the amount of tax owed and submit it to the state of Illinois. The amount of tax is based on the cost of the vehicle or its fair market value. If the vehicle was purchased and paid for, the purchase price must be entered in Box 4. If the vehicle was leased, a statement must be included from the lessor that indicates the leasing company’s cost to acquire the vehicle.
The date the return is received must be recorded in Box 5. The date of receipt is compared to the purchase or transfer date in order to determine timely filing. The form is available on the Department of Revenue’s website. Individuals who need to fill out the form can download it for free. They can also execute the document using a secure eSignature solution that is fully compliant with major eSignature regulations.
How to File Illinois Tax Form RUT-50?
This form is used by individuals who have income from Illinois sources and are required to file an Illinois state return. It can be filed online through the Cook County Taxpayer Portal – Self Assessment. Supporting documentation must be attached and payment can be remitted through the same portal. You can find additional information about this form by visiting the official Illinois Department of Revenue website. The Department of Revenue also provides step-by-step instructions for completing this form.
How to Complete Illinois Tax Form RUT-50?
The RUT-25 form requires a number of pieces of information, including the year, make, and model of the vehicle, as well as the purchase or acquisition date. The taxpayer must also provide their name, address, and Social Security or federal employer identification number (FEIN) on the form.
Lines 1 through 4: Write your PV number, name (and co-owner, if applicable), address, and other contact information in the designated fields. If you’re filing an amended return, include a reason for the amendment.
For lines 12 through 14, write the figures from your most recent return. If you’re increasing the amount of tax due, use whole dollar amounts by dropping amounts less than 50 cents and increasing amounts more than 50 cents to the next higher dollar. If you’re reducing the amount of tax due, reduce your previous total payment in column A by the amount you’ve reduced in column B. For lines 5 and 6, you must also indicate the date that the vehicle entered Illinois.