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.
Idaho Lease Purchase Report
Category:
State:
Multi-State
Control #:
US-OG-641
Format:
Word;
Rich Text
Instant download
Description
How to fill out Lease Purchase Report?
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FAQ
Idaho has a 6.00 percent state sales tax rate, a 3.00 percent max local sales tax rate, and an average combined state and local sales tax rate of 6.02 percent. Idaho's tax system ranks 15th overall on our 2023 State Business Tax Climate Index.
You as a buyer owe sales tax on the total sales price of a boat or trailer you buy from an individual unless an exemption applies. The boat or trailer first must be titled or registered in the seller's name for the sale to take place. The seller must enter the total sales price on the bill of sale and sign the title.
Most people must pay sales tax when they buy boats and trailers in Idaho. Only a few can buy boats and trailers tax exempt from Idaho dealers and retailers.
You may not be required to pay California use tax if the only use of the vessel in California is to remove it from the state and it will be used solely thereafter outside this state. This exclusion only applies to a purchase that would otherwise be subject to use tax.
Idaho also charges a 6% sales tax on the purchase price of a boat. Even if the vessel was purchased out of state, you must pay the sales tax unless you can prove that you paid at least 6% to another state. There are some exceptions to the tax requirement.
