Rut form is an annual tax filing requirement for farmers and ranchers with gross income of more than $225,000 from farming or ranching operations. The form is used to report the amount of farm income and expenses, as well as calculate the taxpayer's adjusted gross income, taxable income and taxes owed. Failure to file a Rut form can result in significant fines and penalties. This article provides an overview of the Rut 50 form and explains how to correctly fill it out.
Before you decide to fill out rut 50 form, you'll want to understand more about the type of form you'll use.
| Question | Answer |
|---|---|
| Form Name | Rut 50 Form |
| Form Length | 5 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min 15 sec |
| Other names | tax form rut 50 printable, rut 50 tax form, rut50, tax form rut 50 |
Illinois Department of Revenue
Effective January 1, 2016, through December 31, 2016
Illinois Private Party Vehicle Use Tax (Step 6, Line 1)
For Illinois private party vehicle use tax, the tax is based on the purchase price (or fair market value) with exceptions noted on the right (motorcycles and specific situations). For most purchases, you will use Table A or B to determine the tax amount. The purchase price of a vehicle is the value given whether received in money or otherwise; this includes cash, credits, property, or service. When there is no stated purchase price, such as in the case of a gift or even trade, the fair market value should be used. The fair market value may be obtained from a licensed dealer.
Other transaction types that may be reported on Form
Exemptions
If one of the following exemptions
Note: A
Table A
Use the table below when the purchase price (or fair market value) of a vehicle is less than $15,000. The tax due is determined by the model year of the vehicle.
Model year |
Vehicle age (years) |
Tax due ($) |
2015 or newer . . . . |
. . . . . .1 or newer |
. . . . . 390 |
2014 |
. . . . . .2 |
. . . . 290 |
2013 |
. . . . . .3 |
. . . . 215 |
2012 |
. . . . . .4 |
. . . . 165 |
2011 |
. . . . . .5 |
. . . . .115 |
2010 |
. . . . . .6 |
. . . . . 90 |
2009 |
. . . . . .7 |
. . . . . 80 |
2008 |
. . . . . .8 |
. . . . . 65 |
2007 |
. . . . . .9 |
. . . . . 50 |
2006 |
. . . . .10 |
. . . . . 40 |
2005 |
. . . . .11 or older |
. . . . . 25 |
|
|
|
Table B
Use the table below when the purchase price (or fair market value) of a vehicle is $15,000 or more. The tax due is determined by the purchase price (or fair market value) of the vehicle.
Purchase price (or fair market value) ($) |
Tax due ($) |
15,000 to 19,999.99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 20,000 to 24,999.99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 25,000 to 29,999.99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,250 30,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500
apply, the tax due is $0:
•purchaser is a
•vehicle is a farm implement primarily used in production agriculture and not required to be registered under the Illinois Vehicle Code or is a
•vehicle is used for rolling stock
•purchaser was an
•vehicle is an estate gift to a surviving spouse (including a party to a civil union).
Exceptions
If one of the following exceptions apply,
the tax due is $15:
•vehicle is an estate gift to a beneficiary other than a surviving spouse
•vehicle is being transferred in a business reorganization
•vehicle is being transferred or purchased from a spouse (including a party to a civil union), parent, brother, sister, or child
Motorcycles or ATVS
If the purchase is a motorcycle, motor- driven cycle, 3- or 4‑wheel
the tax due is $25.
Local Government Private Party Vehicle Use Tax (Step 6, Lines 2 and 3)
See