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!
I'm sorry.. I know a little bit about lease taxation in Illinois, but not much about tax credits. I know they do a lot of balloon notes in IL, to preserve the trade-in credit, but if you are on a straight lease, you may be out of luck (since you don't own the car).
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