Business Listings - How do you report previously leased equipment after purchase?

If leased equipment is purchased at the end of a lease and kept for use in the business, it should be reported as owned property on the business personal property listing.

The equipment should be listed in the appropriate category at its original capitalized cost, including the purchase price, shipping, and setup, and reported in the original year the equipment was acquired, not the year the lease ended. It should not be reported at the lease end purchase price. The property owner is responsible for reporting the equipment as an asset on their property listing form.