A software designed for Illinois residents helps decide the gross sales tax owed when buying and selling in a automobile towards a brand new or used buy. It elements within the trade-in allowance towards the acquisition value of the brand new automobile, decreasing the taxable quantity. As an example, if a automobile is bought for $30,000 and a $10,000 trade-in allowance is supplied, the gross sales tax is calculated solely on the remaining $20,000.
This useful resource simplifies a vital step in automobile buying inside Illinois, making certain correct tax calculations and probably important financial savings for customers. Understanding the relevant tax implications upfront empowers consumers to barter successfully and price range precisely. Traditionally, calculating this tax typically concerned guide processes and referencing advanced tables. Such instruments streamline this course of and improve transparency.
