I live in IL and looking to trade in my leased 12 VW GLI and purchase a 13 VW GTI CPO. My question is, am I entitled to a tax credit? I'm trying to figure out which scenario below I fall in.
a)New CPO vehicle price - leased vehicle trade-in value = X, then X taxed at my county tax rate
b)Just taxed at the new CPO vehicle price.
It seems i'm currently under with this lease. I have 3 payments remaining and being offered 15k when I still owe 16.2k.
I believe the state of IL might be a little different in tax credits but just looking to see if anyone can confirm which scenario I fall in from above.
Any assistance in answering this would be greatly appreciated!
Thanks in advance!