Personal Property

Personal Property

Personal Property means:
things movable, as distinguished from real property, or things attached to the realty; also called personalty. Anything that is not real property is personal property. The main characteristic of personal property is that it is movable without causing damage to itself or the real estate. In some States (like Minnesota), personal property is generally exempt, but there are some exceptions. Taxable personal property includes certain utility systems, railroad docks and wharves, certain manufactured homes, and flight property. Gains on the sale of personal property used in a trade or business are generally taxed under Section 1231 as though they were capital gains except that Section 1245 recaptures depreciation taken as ordinary income. Section 1231 losses are ordinary losses. Personal property used in a trade or business may qualify for a rapid write-off in the year of purchase, on up to $17,500 of property annually.

See also other Tax Terms and Definitions in U.S.A.

listed property.

U.S. and other Developed Countries International Tax Meaning

Things movable, as distinguished from real property or things attached to the realty; also called “personalty”.

See also Capital Gain in the American Legal Encyclopedia and Capital Gain in the World Legal Encyclopedia.

Description and Definition of Personal Property

Property other than real property such as land, permanent improvements to land, and buildings.


See Also

Further Reading






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