Sales, Use and International Tax Activity Update - March 2010

Nevada Gambles on New Leasing & Renting Definitions

The latest edition of Tax Notes from the Nevada Department of Taxation discusses various sales and use tax issues including leases and rentals.

A newly adopted regulation now classifies the transaction of leasing/renting as a sale. Gross receipts from leasing/renting property can be reported in the "total sale", Column A of the tax return and the collection allowance is now allowed. Additionally, leasing/renting to a Nevada exempt organization is now exempt from sales tax in the same manner as a sale to a Nevada exempt organization is exempt.

The Nevada Department of Taxation Tax Notes Issue No. 169 can be viewed on the Nevada Department of Taxation Web site.

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