Get the free ST-556-R Resale and Rolling Stock Fleet Exemption Schedule R-1210

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How to fill out st-556-r resale and rolling

How to Fill Out ST-556-R Resale and Rolling:

1. Begin by entering the date of the transaction in the designated space on the form.
2. Provide the name, address, and phone number of the seller, who is transferring the property or vehicle.
3. Fill in the buyer's information, including their name, address, and contact details.
4. Enter the buyer's Taxpayer Identification Number (TIN), Social Security Number (SSN), or the Illinois Department of Revenue assigned number.
5. Indicate the type of transaction by checking the appropriate box, whether it is a resale or rolling stock.
6. If the transaction involves a vehicle, provide the vehicle identification number (VIN) and description of the vehicle, including the make, model, and year.
7. State the total gross selling price and the applicable tax rate in the designated area.
8. Compute the amount of tax due by multiplying the gross selling price by the tax rate. Enter this figure in the appropriate box.
9. If any exemptions apply, specify them and include the necessary supporting documentation.
10. Calculate the total amount due by adding the tax amount to the gross selling price.
11. Sign the form as the seller and have the buyer sign as well.
12. If you have any additional documents or attachments, make sure to include them with the completed ST-556-R form.

Who Needs ST-556-R Resale and Rolling:

1. Individuals or entities engaged in the sale or transfer of taxable goods in the state of Illinois would need to fill out the ST-556-R form.
2. This form is specifically required for transactions involving resale or rolling stock, which includes vehicles such as cars, trucks, trailers, and watercraft.
3. Sellers who are registered with the Illinois Department of Revenue as resellers or dealers need to file this form to report these transactions and remit the applicable sales tax.
4. Buyers who are purchasing goods for resale purposes or acquiring rolling stock must also be aware of this form and should receive a copy from the seller as part of the transaction record.
5. It is crucial for both sellers and buyers to comply with the state's tax regulations and properly execute the ST-556-R form to ensure accurate reporting and payment of sales tax obligations.

For pdfFiller’s FAQs

What is st-556-r resale and rolling?

ST-556-R Resale and Rolling is a form used to report information on transactions involving the resale and rolling of certain goods in the state of Illinois.

Who is required to file st-556-r resale and rolling?

Any business or individual engaged in the resale and rolling of goods in Illinois is required to file ST-556-R Resale and Rolling.

How to fill out st-556-r resale and rolling?

To fill out ST-556-R Resale and Rolling, you will need to provide information on the goods sold, the buyers, and other relevant transaction details.

What is the purpose of st-556-r resale and rolling?

The purpose of ST-556-R Resale and Rolling is to ensure that proper sales tax is collected on transactions involving the resale and rolling of goods.

What information must be reported on st-556-r resale and rolling?

Information such as the seller's name and address, buyer's name and address, description of goods sold, and sales amount must be reported on ST-556-R Resale and Rolling.

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