MTO Form 5086: 2015 Vehicle Dealer Supplemental Schedule Instructions
Use this supplemental schedule to calculate your sales tax discount on sales tax paid to the Secretary of State. The discount is limited to the 4% tax rate. You may not take discount on the full tax paid to Secretary of State.
The discount calculated on line 4 will be carried to line 5a of Form 5080 or Form 5092.
NOTE: Sales tax paid to Secretary of State cannot be taken as a deduction when calculating total sales tax.
Line 1: Enter the total sales price less trade in discount for all vehicles on which tax was paid to the Secretary of State.
Lines 2-4: Lines 2-4 are pre-populated based on information entered into line 1. Line 2 and line 4 will automatically carry forward to lines 3a and 5a on Form 5080 or Form 5092.
NOTE: The total combined discounts reported on line 5a on Form 5080 or Form 5092 cannot exceed $20,000 for non-accelerated filers. This amount will be added to any discount entitled to claim for payment of tax on Form 5080 or Form 5092.