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How is tax calculated on Form RUT-50?
The amount of Private Party Vehicle Use Tax reported on Form RUT-50 is determined using one of two tax tables found in the form's instructions. The purchase price or fair market value of a vehicle determines which tax table to use. When there is no stated purchase price, such as in the case of a gift or an even trade, the fair market value must be used. The fair market value may be obtained from a licensed dealer. A trade-in deduction is not allowed on this tax form.
If you live in the corporate limits of the City of Chicago or Cook County, you may also owe an additional tax to those jurisdictions. See RUT-5, Private Party Vehicle Use Tax Chart for the current Illinois Private Party Vehicle Use Tax rates and RUT-6, Form RUT 50 Reference Guide for current Private Party Vehicle Use Tax rates for Chicago and Cook County.
See the instructions to Form RUT-50 for a list of exemptions and exceptions to the standard tax calculations on Form RUT-50. When marking an exemption or exception on Form RUT-50, ensure that the correct exemption or exception is clearly indicated/circled, and provide any supporting documentation you may have.