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  1. #1

    NEW scammed asking for info

    I leased some equiptment and after paying for three years I find I dont own the equiptment and must now purchase it.
    I know autos and construction business do this but not fixed pieces.
    There was a clause in the fine print and I am stuck, I am just curious if this is a new way the extort very small business?
    This is my twelveth lease and I never ran into this before.

  2. #2
    Join Date
    May 2005
    Location
    Planet Gong
    Posts
    1,032

    Re: NEW scammed asking for info

    A little info would help
    1: what is the fixed piece of equipment (no brand name yet, please)
    2: what is the language in the lease agreement that requires purchase after "x" amount of time.
    3: is any part of the lease payment applied toward purchase.

    We'd also find it handy to know the IRS amortization schedule for the business expense deduction on this type of equipment; also, who takes the deduction - the lessor or lessee.

    There'll be other folk lookin' in on this thread; they may have a few questions of their own.

  3. #3
    Join Date
    Nov 2006
    Posts
    649

    Re: NEW scammed asking for info

    Quote Originally Posted by Dale escondidio View Post
    I leased some equiptment and after paying for three years I find I dont own the equiptment and must now purchase it.
    I know autos and construction business do this but not fixed pieces.
    There was a clause in the fine print and I am stuck, I am just curious if this is a new way the extort very small business?
    This is my twelveth lease and I never ran into this before.
    No, you did an operating lease. There's two types of leases capital and operating leases. A capital lease means you own the equipment at the end of the lease. The payments are more expensive because its like a loan. On your taxes you can't deduct payments only depreciate the value of the equipment. With an operating lease you can deduct 100% of the payments of your gross taxable business income. But at the end of the lease if you wish to keep the equipment you must purchase it at fair market value. At which point you can then depreciate the equipment.

    Yeah what type of equipment was it? What was the name of the leasing company you got it from?

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