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Instructions for Form ST-557, 033 Claim for Credit for Repossession of Motor Vehicles, Watercraft, Aircraft, Trailers, and Mobile Homes - Illinois
This document contains official instructions for Form ST-557 , and Form 033 . Both forms are released and collected by the Illinois Department of Revenue. An up-to-date fillable Form ST-557 (033) is available for download through this link.
FAQ
Q: What is Form ST-557?A: Form ST-557 is a claim form for credit for repossession of motor vehicles, watercraft, aircraft, trailers, and mobile homes in Illinois.
Q: What can I claim credit for with Form ST-557?A: You can claim credit for the repossession of motor vehicles, watercraft, aircraft, trailers, and mobile homes in Illinois.
Q: Who is eligible to claim credit with Form ST-557?A: Individuals, corporations, partnerships, and other entities that have repossessed motor vehicles, watercraft, aircraft, trailers, or mobile homes in Illinois are eligible to claim credit.
Q: What supporting documents do I need to include with Form ST-557?A: You need to include a copy of the security agreement or contract, a certified copy of the court order or judgment, and any invoices or receipts showing the costs incurred for the repossession.
Q: Is there a deadline for filing Form ST-557?A: Yes, Form ST-557 must be filed within 12 months after the date the vehicle, watercraft, aircraft, trailer, or mobile home was repossessed.
Q: How long does it take to process Form ST-557?A: The processing time for Form ST-557 varies, but it may take several weeks to receive a response from the Illinois Department of Revenue.
Q: Can I claim credit for multiple repossessions on one Form ST-557?A: Yes, you can claim credit for multiple repossessions on one Form ST-557, as long as they were all repossessed in Illinois.
Q: Is there a fee for filing Form ST-557?A: No, there is no fee for filing Form ST-557.
Instruction Details:
- This 1-page document is available for download in PDF;
- Actual and applicable for the current year;
- Complete, printable, and free.
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