Private Party Vehicle Use Tax: What Is Tax Form RUT-50 in Illinois?
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If you own a car in Illinois, you may already be somewhat familiar with tax form RUT-50 for private car buying.
You probably also know that tax forms can be incredibly confusing. There are so many of them, and they all have alphanumeric names that aren’t helpful at all. It’s easy to feel like you’re drowning under a pile of papers when it comes to tax forms, and it would be nice if someone could just tell you which ones are important and needed.
The RUT-50 form is only applicable to people with cars from private sellers, so if you don’t have one you can skip right along to the next confusing tax form. But if you do have a car bought privately, we have you covered. Here's car super-app Jerry's guide to everything you need to know about tax form RUT-50.
What is tax form RUT-50?
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.
Who needs to file Illinois tax form RUT-50?
Anyone who lives in Illinois with a car that was acquired from a private party needs to file a tax form RUT-50. That means that if you buy a car from a private seller, are given a car as a gift, or otherwise acquire a car from a private party, you have to file tax form RUT-50.
Similarly, if you move to Illinois and bring with you a car that was acquired in such a manner, you also have to file a RUT-50.
Key Takeaway The RUT-50 is required for any car purchased from a private dealer in Illinois.
How much tax will you pay with a RUT-50?
The amount of tax you pay on a RUT-50 form depends on the cost of the car, and in some cases how old or new it is. When filing a RUT-50, you have to determine the purchase price or the fair market value.
As of 2021, if that price was between $15,000 and $19,999.99, then the tax was $750. If it was between $20,000 and $24,999.99, then the tax was $1,000. If it was between $25,000 and $29,999.99, then the tax was $1,250. And if it was $30,000 or more, then the tax was $1,500.
If the market value was less than $15,000, then the tax is based on the age of the car, ranging from $390 for a new car to $25 for a car 11 years or older.
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Key Takeaway The amount of tax you pay on a car depends on its market value, as well as the amount you paid for it.
When is a tax form RUT-50 due?
If you live in Illinois and purchase a car, the RUT-50 tax form is due within 30 days of the purchase. If you’re moving to Illinois with a car you purchased prior to your move, the RUT-50 tax form is due within 30 days of your move.
Where should a RUT-50 tax form be sent?
A RUT-50 tax form should be sent to the following address:
Office of Illinois Secretary of State Vehicle Services Department Howlett BLDG Springfield, IL 62756
How is it different from a RUT-25 tax form?
A RUT-50 and a RUT-25 differ in how a car was acquired. While RUT-50 is for cars acquired from private parties, a RUT-25 should be filed for any car acquired from a dealer, lender, or leasing institution.
If you’re an Illinois resident with a car acquired via a private party, be sure to follow the law and file a tax form RUT-50.