Indiana Lease Purchase Report

State:
Multi-State
Control #:
US-OG-641
Format:
Word; 
Rich Text
Instant download

Description

This oil, gas, and minerals document is a report form documenting information of sellers and purchasers that enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand.

How to fill out Lease Purchase Report?

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FAQ

The Indiana auto rental excise tax is imposed on rentals of passenger motor vehicles and trucks for periods of less than 30 days. The tax is equal to 4% of the gross retail income received by the retail merchant. The person renting the vehicle is liable for the tax.

Tax-exempt goods Examples include most non-prepared food items, prescription drugs, and medical supplies. We recommend businesses review the Sales Tax Information Bulletins put forth by the Indiana Department of Revenue to stay up to date on which goods are taxable and which are exempt, and under what conditions.

Lessee Purchase at End of Lease If the vehicle is located in Indiana at the time the purchase option is exercised, the vehicle will be subject to Indiana sales tax. Sales tax is collected in the same manner as a retail sale.

The Buy Indiana initiative, established by Executive Order 05-05, sets a goal for state agencies to procure 90 cents ($. 90) of each dollar from Indiana businesses.

Indiana does not have any local or county sales taxes, so the state-wide rate of 7.00% applies to all applicable purchases to which sales tax must apply. This makes calculation for out-of-state sellers much easier.

An Indiana month-to-month rental agreement is a residential lease between a landlord and tenant that has no end date. The agreement only terminates when notice has been given to either the landlord or tenant of at least one (1) month's notice or the time period mentioned in the agreement, whichever is longer.

A lease or rental is considered a retail unitary transaction and the gross retail income therefrom is subject to sales or use tax.

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Indiana Lease Purchase Report