Selling A Car In Illinois
Selling A Car In Illinois. Selling a car isn't as self-explanatory as it seems, especially when you consider the fact that every state has slightly different laws and requirements. We've detailed the basic process for selling your car in Illinois below. Selling a Vehicle in Illinois . When you sell your car in Illinois, you are obligated to take the following actions
How To Sell A Car In Illinois. Completing the Bill of Sale. In Illinois, when you sell a car, you are required to remove the license plates and submit a valid title to the buyer that is signed and dated. You are also required to complete the Notice of Sale form that is attached at the bottom of the title and mail it to the secretary of state of Illinois. Create a bill of sale for the purchaser and make a copy for yourself.Selling A Car In Illinois Revenue SELLING YOUR CAR?. 1. When you sell your car, you must declare the actual selling/ purchase price. No exceptions. • If you sell a 2017 Mercedes and claim a sale price of $15,000 or less, you will have to pay tax on the $15,000 (or less) val-uation. • However, there WILL be an audit by the Illinois Department of Revenue that shows the fair market value is $60,000. How To Transfer A Car Title In Illinois. This applies to buying or selling a car, but it also applies to giving one as a gift to a family member, or when inheriting a vehicle. When it comes time to transfer a car title in Illinois, there
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