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If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
The Illinois Department of Revenue (IDOR) is the code department [1] [2] of the Illinois state government that collects state taxes, operates the state lottery, oversees the state's casino industry, oversees the state's thoroughbred and harness horse racing industries, and regulates the distribution of alcoholic beverages throughout Illinois, including beer, wine, and liquor. [3]
Prepared food, over-the-counter medications, and medical marijuana are subject to sales tax. The sale or lease of motor vehicles for use on the road incurs an additional 0.3% tax, rental of a car for less than 30 days has an additional state/local tax of 8.9%. [211] When renting a car for less than 30 days in Seattle, the total sales tax is 18. ...
The tax horsepower or taxable horsepower was an early system by which taxation rates for automobiles were reckoned in some European countries such as Britain, Belgium, Germany, France and Italy; some US states like Illinois charged license plate purchase and renewal fees for passenger automobiles based on taxable horsepower.
In the early 1970s Illinois vehicle owners were again receiving a small piece of cardboard with the words "License Applied For" to be taped to the inside of the vehicle's windshield until their license plates arrived in the mail. [69] [70] These signs continued to be issued until the early 1980s. [71]
A state estimate conducted by Illinois Gov. JB Pritzker's administration found that the new tax would generate $4.5 billion annually if passed into law, according to WBEZ, Chicago's public radio ...
The high-tax state is already dealing with an exodus of residents. Skip to main content. News. Need help? Call us! 800-290-4726. Login / Join ... Enter City/Zip. Mail; Login / Join. News ...
Texas residents can still easily buy a car from Tesla, but the purchase is handled as an out-of-state transaction and must be completed before the vehicle ships to Texas. Tesla recently added the ability to include tax, title, license, and registration in the sale price of the car so the purchaser doesn't have to pay that separately once they ...