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Personal Property

Frequently Asked Questions About Personal Property

 

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Problems when submitting signed statement of facts

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Acquisition cost when buying a business

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Do I list equipment I owned, bought or received as a gift?

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Distinguishing between True Lease & Lease-Purchase Agreements

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Business Personal Property Packet

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Depreciation Schedule

 

 

Primary problems when submitting signed Statement of Facts and avoiding them:

First, business owners forget to sign the "Signed Statement of Personal Property".  An unsigned statement must be returned to the business owner for signature.  The account is treated as one where the statement has not been returned and is subject to the same penalties and interest. Avoid this situation by remembering to sign the Statement.

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When buying a business, do I use the acquisition cost of the original owner or does my purchase create a new acquisition cost?

All equipment or fixtures used in the operation of a business are taxable under Utah law.  All of it must be reported whether it was acquired before or after the startup of the business.  Additionally, equipment that the owner requires an employee to provide needs to be reported by the business owner or by the employee.

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Does equipment purchased prior to the start of business and/or equipment from home I owned or received as a gift need to be listed?

All equipment or fixtures used in the operation of a business are taxable under Utah law.  All of it must be reported whether it was acquired before or after the startup of the business.  Additionally, equipment that the owner requires an employee to provide needs to be reported by the business owner or by the employee.

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How does Tax Law distinguish between a True Lease and a Lease-purchase agreement?

If the agreement is a true lease and the equipment is truly owned by the leasing company, the leasing company is responsible to report the equipment and pay the taxes on it.  The lessee reports the same equipment on schedule "D" of the Signed Statement of Personal Property for information purposes only but does not pay the tax.

If the agreement is a financial arrangement for the purchase of the equipment, the Signed Statement of Personal Property should be filed and the tax paid by the lessee.  If you are leasing equipment and have questions about the terms of your lease, contact your leaser to find out if the leasing company is reporting and paying the taxes on the equipment.

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