Illinois Option and Site Lease (Telecommunication Facilities)
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How to fill out Option And Site Lease (Telecommunication Facilities)?
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FAQ
For tax purposes, in a true lease, the lessor is the end user and must pay use tax on its cost price of the tangible personal property. Lessees do not have a tax liability under a true lease. A conditional sales agreement usually has a nominal or ?one dollar? purchase option at the close of the lease term.
As end users of titled or registered items located in Illinois, lessors owe Use Tax on the selling price of such property. The State of Illinois imposes no tax on the lease receipts. Consequently, lessees (e.g., lease customers) incur no tax liability.
When you lease a car in Illinois, you pay the sales tax on the cost of your new or used car. However, you'll only owe tax on your monthly payment rather than on the total value of your vehicle. If you decide to purchase your vehicle at the end of your lease, you'll pay a sales tax on the depreciated price.
Rental income falls under the passive income category which means it is taxed at the same rate as your personal income.
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 (e.g., vehicles, watercraft, aircraft, trailers, manufactured (mobile) homes), you must report these sales for lease on Form ST?556?LSE, Transaction Return for ...
For more information about common exemptions, see Publication 104, Common Sales and Use Tax Exemptions. Sales to state, local, and federal governments. Sales to not-for-profit organizations that are exclusively charitable, religious, or educational. Sales of newspapers and magazines.
You must complete Form RUT-25-LSE, Use Tax Return for Lease Transactions, if you are titling or registering in Illinois a motor vehicle, watercraft, aircraft, trailer, mobile home, snowmobile, or all-terrain vehicle (ATV) that you leased through an unregistered out-of-state dealer or retailer.
