Personal Use Property
A type of property that an individual does not use for business purposes or hold as an investment. In other words, property that an individual owns for personal enjoyment.
There are many examples of personal use property, including vehicles, home furniture, a personal library, clothing, and so forth.
The definition is important in some tax jurisdictions in terms of whether or not a loss on the disposition of the asset is deductible. For example, often real-estate is treated differently in terms of taxation despite the fact that you use your home for personal use.
There are many examples of personal use property, including vehicles, home furniture, a personal library, clothing, and so forth.
The definition is important in some tax jurisdictions in terms of whether or not a loss on the disposition of the asset is deductible. For example, often real-estate is treated differently in terms of taxation despite the fact that you use your home for personal use.
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