Get the free 5087, Purchasers Use Tax Return

Reset Form Michigan Department of Treasury 5087 (Rev. 0423), Page 1 of 12024 Purchasers Use Tax Return Issued under authority of Public Act 94 of 1937, as amended. Taxpayers Individual or Business

How to fill out 5087 purchasers use tax

How to fill out 5087 purchasers use tax

1. Gather all relevant purchase documents and receipts.
2. Determine the total amount of purchases made that are subject to use tax.
3. Identify the tax rate applicable to your purchases based on your location.
4. Calculate the use tax amount by multiplying the total purchases by the tax rate.
5. Complete the 5087 form by entering your personal information and the calculated use tax.
6. Review the form for accuracy and completeness.
7. Submit the filled-out form to the appropriate tax authority.

Who needs 5087 purchasers use tax?

1. Individuals who purchase tangible personal property for use in their state without paying sales tax.
2. Businesses that buy items for use rather than resale and have not paid sales tax at the time of purchase.
3. Residents who mail order or purchase from out-of-state retailers and need to report their purchases.

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What is 5087 purchasers use tax?

The 5087 purchasers use tax is a tax imposed on the use, storage, or consumption of tangible personal property in a state when sales tax has not been paid.

Who is required to file 5087 purchasers use tax?

Individuals or businesses that purchase tangible personal property for use in the state without paying sales tax at the time of purchase are required to file the 5087 purchasers use tax.

How to fill out 5087 purchasers use tax?

To fill out the 5087 purchasers use tax form, provide required information such as the buyer's details, a description of purchased items, purchase dates, amounts, and any applicable exemptions.

What is the purpose of 5087 purchasers use tax?

The purpose of the 5087 purchasers use tax is to ensure that use tax is collected on purchases made outside of the state or from sellers who do not collect sales tax, thus leveling the playing field between in-state and out-of-state sellers.

What information must be reported on 5087 purchasers use tax?

Information that must be reported includes the buyer's name, address, item descriptions, dates of purchase, amounts paid, and any sales tax paid.