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Form 4797 Illinois Cook: What You Should Know

The seller should consult an Illinois real estate tax attorney or an Illinois real estate tax accountant, and be sure to determine if the seller has to itemize deductions in any federal tax return. Other important dates to remember: Any property that was sold at market value can be taxed at a tax rate of up to 23.8%, regardless of the fact that the seller paid a lower price. If the seller paid cash for the property, this is called a cash surrender method and typically results in a lower tax rate. There is an annual limitation of 15,000 on the tax deduction for inventory depreciating property. (Source: Publication 990, Real Estate Business, Ill. Reg's. Sec. 6–7–101(1)(a)(ii).) In this chapter, the term property that is “salable” will refer to the following items that are purchased for use. Salable property may be any of the following (including fixtures, furnishings, equipment, and other personal property): a.) Furniture (such as chairs, carpets, beds, lamps, china, stools, and tables); b.) Vehicles used in retail, warehouse, service center, entertainment, or service-related businesses and used primarily to transport or transport people to or from business; c.) Appliances and appliances of a personal nature; d.) Equipment that is sold primarily for use in the normal course of business and does not have personal value; e.) Equipment that is used to manufacture and install products such as a sprinkler system and a pressure washer; f.) Other tangible personal property made with the use of the tangible personal property described in (d) and (e); g.) In some cases, property that has been used for a sale. Salable property is not the same as the purchase price of the property, which is generally the purchase price plus sales/use taxes in Illinois. The sale/use tax on furniture depends on the total of all the purchase prices of all furniture that is sold to a single purchaser (this includes the purchase of fixtures, fittings, lighting, and all other personal property) within a single year. For example, an individual purchases a sofa and then later purchases a coffee table and chairs for 600 in 2014. The individual's furniture purchases total 6,000 in 2023 and all the furniture is sold as one sale.

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