Personal property is all other property owned by a business, including equipment, furniture and fixtures, and vehicles.
Listed property is a specific type of personal property of a business that comes under increased scrutiny by the IRS.
What items are considered listed property?
Listed property is any of the following:
- Passenger automobiles.
- Any other property used for transportation, unless it is an excepted vehicle.
- Property generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video-recording equipment)
What are examples of listed property?
- computers and peripheral equipment,
- sound, video, and photographic recording equipment.
- entertainment, recreational and amusement property,
- passenger automobiles,
- any other property specifically included by the tax code.
What type of property is office furniture?
It includes manufacturing equipment, office furniture and equipment, computers, tablets, cell phones, and vehicles purchased and used by the business, and, basically, everything that isn’t “nailed down.” In other words, personal property is movable, while real property is not.
Is furniture section 179 a property?
Property eligible for the Section 179 Deduction is usually tangible personal property (usually equipment or office furniture) purchased for use in your business. Certain depreciable property is NOT eligible for the Section 179 Expense Deduction. This includes: Real property (Land and the building on the land)