- Jurisdiction
- Illinois
Thanks for the help in advance.
If it matters this is in Cook County in IL.
I bought a new car in 2023.
Traded in a car that I still owed about $300 on. (Trade in was $3700, I paid the $300 difference to the loan company that had the title )
I received a ST-556 from the Car Dealership.
Hopefully this is a simple question.
What if anything am I supposed to do with this form.
It states that I paid about $2100 in IL sales tax after the purchase price of the new car and the trade in.
Do I have to file this on my taxes this year?
Will it increase or decrese my tax liability?
Thank you!
If it matters this is in Cook County in IL.
I bought a new car in 2023.
Traded in a car that I still owed about $300 on. (Trade in was $3700, I paid the $300 difference to the loan company that had the title )
I received a ST-556 from the Car Dealership.
Hopefully this is a simple question.
What if anything am I supposed to do with this form.
It states that I paid about $2100 in IL sales tax after the purchase price of the new car and the trade in.
Do I have to file this on my taxes this year?
Will it increase or decrese my tax liability?
Thank you!