Rut 50 Form PDF Details

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.

QuestionAnswer
Form NameRut 50 Form
Form Length1 pages
Fillable?Yes
Fillable fields26
Avg. time to fill out5 min 27 sec
Other namesillinois rut 50 form, tax form rut 50, tax form rut 50 printable, rut 50 printable form

Form Preview Example

Illinois Department of Revenue

RUT-50 Private Party Vehicle Use Tax Chart for 2016

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 RUT-50 are listed below along with the required tax amount due.

Exemptions

If one of the following exemptions

Note: A trade-in deduction is not allowed on this tax.

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 tax-exempt organization

vehicle is a farm implement primarily used in production agriculture and not required to be registered under the Illinois Vehicle Code or is a ready-mix concrete truck that qualifies under the manufacturing machinery and equipment exemption

vehicle is used for rolling stock

purchaser was an out-of-state resident and vehicle was used outside of Illinois for at least three months (individuals only)

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 4­wheel all-terrain vehicle (ATV), or motorized pedalcycle,

the tax due is $25.

Local Government Private Party Vehicle Use Tax (Step 6, Lines 2 and 3)

See RUT-6, Form RUT-50 Reference Guide, to determine whether you must report any local government private party vehicle use tax on Form RUT-50.

RUT-5 (R-09/15)

How to Edit Rut 50 Form Online for Free

Our PDF editor makes writing files really easy. It is rather straightforward to edit the Rut 50 Form form. Try out the following steps so that you can do it:

Step 1: The first step would be to click on the orange "Get Form Now" button.

Step 2: Once you access the form rut 50 editing page, you will notice lots of the options you may undertake about your file in the top menu.

Enter the appropriate data in each one part to create the PDF form rut 50

stage 1 to filling out rut 50

In the box Motorcycles, or, ATVS and RU, TR note the data that the program demands you to do.

part 2 to filling out rut 50

Step 3: Choose the Done button to save the form. Then it is obtainable for upload to your gadget.

Step 4: In order to avoid any kind of problems as time goes on, be sure to have at least a couple of copies of the document.

Watch Rut 50 Form Video Instruction

If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .