WHAT IS ST-556 tax form?
Form ST-556, Sales Tax Transaction Return, is a form issued by Illinois Department of Revenue to be filed by a retail seller of items like motor cars or other vehicles, watercraft, aircraft, trailers or mobile homes; that need to be registered for a title with the State of Illinois government agency.
Can you claim ST-556 on taxes?
Yes. Anytime you sell an item at retail in Illinois that is of the type that must be titled or registered by an agency of Illinois state government, you must report the sale on Form ST‑556, regardless of whether you are reporting tax due.
How do I get a st556?
Form ST-556, Sales Tax Transaction Return, is preprinted for each of your business locations. You can obtain this form by calling our Central Registra- tion Division at 217 785-3707.
Where do I enter ST-556 in TurboTax?
Please follow the steps below to enter the ST-556 in TurboTax CD/Download software:
- Go to Federal Taxes(Personal in Home & Business) at the top, then Deductions and Credits.
- Then select “I’ll choose what I work on.
- Then scroll down to “Estimates and Other Taxes paid.”
- Next click Start/Revisit next to Sales Tax.
What is a ST-556 LSE?
If you sell items for lease at retail in Illinois and those items are of the type that must be titled or registered by an agency of Illinois state government (i.e., vehicles, watercraft, aircraft, trailers, and mobile homes), you must report these sales for lease on Form ST‑556‑LSE, Transaction Return for Leases.
How do I enter ST-556 in TurboTax?
Can I write off my car purchase?
How much can you write off for a vehicle purchase? If the vehicle is for personal use, you could write off car sales and property tax up to the federal or state maximum. The federal maximum allows you to deduct up to $10,000 total in sales, income and property tax deductions ($5,000 total if married filing separately).
Are Illinois 2020 tax forms available yet?
After Oct. 15, 2021, you can complete and sign 2020 Illinois Tax Forms online here on eFile, before you download, print and mail them to the state tax agency. The address is on the form. You can select one of these payment options either after you have e-filed or filed your 2020 Illinois Tax Return.
Do you pay taxes on a gifted car in Illinois?
You typically have to pay taxes on a car received as a gift in Illinois. You will need Form RUT-50 to report the gift. You may qualify for a tax exemption if: The car was an estate gift for a beneficiary (not a surviving spouse).
What is a sales tax transaction return?
The ST-556 should show the amount of sales tax paid on that purchase. Sales tax is collected at the time of the sale and remitted to the state, but it is not part of your income and there is no deduction for it.