Kentucky Net Lease of Equipment (personal Propety Net Lease) with no Warranties by Lessor and Option to Purchase
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FAQ
Net leases generally include property taxes, property insurance premiums, or maintenance costs, and are often used in commercial real estate. In addition to triple net leases, the other types of net leases are single net leases and double net leases.
Key takeaway: With an operating lease, you have access to the equipment for a time but don't own it. The lease period tends to be shorter than the life of the equipment. With a finance lease, you own the equipment at the end of the term. Big companies typically use this type of lease.
The term net lease refers to a contractual agreement where a lessee pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent. Net leases are commonly used in commercial real estate.
Traditional Goods or Services Goods that are subject to sales tax in Kentucky include physical property, like furniture, home appliances, and motor vehicles. Groceries, prescription medicine, and gasoline are all tax-exempt.
Kentucky generally does charge sales tax on the renting and leasing of tangible personal property unless a specific exemption applies.
Equipment renting payments are considered external expenses and are therefore deductible from the company's taxable profit under common law provisions. This taxable profit determines the taxable portion of earnings for corporation tax, or income tax.
Property which is purchased, leased or rented outside of Kentucky for storage, use or other consumption in this state is subject to the use tax.
Most financial leases are "net" leases, meaning that the lessee is responsible for maintaining and insuring the asset and paying all property taxes, if applicable. Financial leases are often used by businesses for expensive capital equipment.
Gross leases are commonly used for commercial properties, such as office buildings and retail spaces. Modified leases and fully service leases are the two types of gross leases. Gross leases are different from net leases, which require the tenant to pay one or more of the costs associated with the property.
There are three main types of net leases: single net leases, double net leases, and triple net leases. When a tenant signs a single net lease, they pay one of the three expense categories: taxes, maintenance, and insurance fees.