Instructions for Form RUT-25-LSE Use Tax Return for Lease Transactions - Illinois

This document contains official instructions for Form RUT-25-LSE , Use Tax Return for Lease Transactions - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Form RUT-25-LSE?
A: Form RUT-25-LSE is a Use Tax Return for Lease Transactions in Illinois.

Q: Who needs to file Form RUT-25-LSE?
A: Anyone who leases property in Illinois and is liable for use tax needs to file Form RUT-25-LSE.

Q: When is the deadline to file Form RUT-25-LSE?
A: Form RUT-25-LSE is due on the 20th day of the month following the end of the reporting period.

Q: How do I complete Form RUT-25-LSE?
A: You need to provide information about your leasing transactions, including the amount of use tax owed.

Q: Are there any penalties for late filing of Form RUT-25-LSE?
A: Yes, there are penalties for late filing, including interest charges on the unpaid tax amount.

Q: What is use tax?
A: Use tax is a tax on the use or consumption of tangible personal property in Illinois that was purchased for use outside the state.

Q: Do I need to pay use tax on leased property?
A: Yes, if you lease property in Illinois and use it within the state, you are required to pay use tax.

Q: Can I claim any exemptions on Form RUT-25-LSE?
A: Yes, you can claim exemptions for certain types of transactions, such as leases to tax-exempt organizations or qualified production companies.