STATE OF NEVADA DEPARTMENT OF TAXATION
STATE OF NEVADA DEPARTMENT OF
TAXATION
SHORT-TERM LEASES
Leases in General
Lease or rental means
? "Any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration"
? Applies "regardless of whether a transaction is characterized as a lease or rental under generally accepted accounting principles..." (GAAP)
NRS 360B.450
Leases in general
(continued)
? Lessors do not have to pay the tax up front
? Resale certificates accepted ? Re-rentals okay ? End user pays the tax ? Considered a sales tax ? Reportable as a sale (collection
allowance) ? And...........
Leases in general
(continued)
? Since leases/rents are considered a sale
? and since sales to Nevada exempted entities are tax-free
? Therefore, no sales tax is due by either the lessor or the lessee when the lessee is an exempt entity! However, Government Services Fee and County Car Rental fee still apply.
Leases in general
(continued)
?NAC 372.938: Provisions for paying tax on purchase of rental equipment or paying tax on the rental stream requires lessor to make election to pay tax on purchase; otherwise, must report tax on the rental stream.
?NAC 372.946: Sale-leaseback timeframe allows 180 days to complete transaction which will provide for leasing back to initial purchaser
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