What happens when a leased asset is paid off, returned to the lessor, or discarded?

Please review the leased assets on your account and let us know if you are still leasing them or no longer have them. Also check the end of your owned asset list for any assets that may have been moved from leased assets to owned assets last year. If the lessor reports that they are no longer leasing an asset to you but gives no further information and you do not provide any information the asset will be moved to your owned equipment list and you will be taxed for it.