Listed Property

Listed Property

Listed Property means:
automobiles, computers, and cellular phones that are subject to the 50% business use test. “Listed property” is the term used for depreciable assets that Congress has put on a special list for special scrutiny by the IRS. If listed property is used predominantly for business, the statutory percentage depreciation method is available. If used less than 50% of the time for business, the cost is depreciated by the straight-line method. Basically, this includes things that the taxpayer might use for personal as well as business purposes – a car, computer, boat, airplane and photographic and video equipment. (If a computer or photographic or video equipment is used exclusively at his or her regular place of business, however, it is not considered listed property). Passenger automobiles have additional recovery limitations imposed upon depreciation deductions. IRC (check if this IRC provision is current here) §280 F.

There are special restrictions on the depreciation of listed property if business use does not exceed 50%. And the Inland Revenue Service can deny deductions if the taxpayer can't document the business usage of listed property. Cell phones used to be on the listed property list, but Congress ended the restrictions retroactive to the beginning of 2010.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.

Description and Definition of Listed Property

Computers, cellular phones, automobiles, boats, airplanes, photographic and video equipment, and property of a type generally used for entertainment, recreation, or amusement. There are special restrictions on the depreciation of listed property if business use does not exceed 50%.

Resources

See Also

Further Reading


Posted

in

by

Tags:

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *