Typically, a finance lease is a full pay out non cancelable agreement. You are responsible for maintenance, taxes and insurance. The benefit ofthis lease type is that you can take advantage of IRS Section 179 and expense up to the amount allowed for the year the equipment is installed. You may depreciate any excess on the depreciation schedule for that particular asset. A tax lease, or true lease are leases for which the lessor retains ownership and you, as the lessee, may be allowed to claim the entire amount of the monthly investment as a tax deduction.
Many rental contracts qualify as a true lease.
Term is 36 months. This information has been kindly provided to us by Barbara Griffith of Southern California Leasing. They specialize in equipment financing. We can help you arrange a lease.