This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property Statement With Replacement Cost In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00123
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Word;
Rich Text
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FAQ
Replacement Tax, also known as Personal Property Replacement Tax, is a tax on the net income of corporations, subchapter S corporations, partnerships, and trusts.
You can't deduct capital losses on the sale of personal use property. A personal use asset that is sold at a loss generally isn't reported on your tax return unless it was reported to you on a 1099-K and you can't get a corrected version from the issuer of the form.
11% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer. As of 1-1-2021: 9% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer.
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
Contact your county assessor or go to the Illinois Department of Revenue's website for more information on property tax relief. Illinois does not tax personal property, such as boats, cars and RVs.
The Treasurer's phone number is (312) 443-5100 and the County Clerk's phone number is (312) 603-5656. To receive a duplicate of the current tax bill by mail, you may also visit the Treasurer's Web site at okcountytreasurer.
Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property. Personal property is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers. Personal property taxes are assessed only on property that is used in business.