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What is the amount of tax I pay when I file Form RUT-50?

Answer #442 -- ( Published 12/30/2005 11:44 AM | Updated 07/12/2017 10:39 AM )

 What is the amount of tax I pay when I file 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 instructions to the form. 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 even trade, the fair market value should be used. The fair market value may be obtained from a licensed dealer. A trade-in deduction is not allowed on this tax.

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 rates (and RUT-6, RUT 50 Reference Guide for current rates for Chicago and Cook County).

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