What is Listed Property? A Comprehensive Legal Overview

Q: Can I deduct expenses for listed property?

Yes, but there are limitations and specific rules that apply to deductions for listed property.

Q: Are all business assets considered listed property?

No, only specific types of assets qualify as listed property under the tax code.

Definition & Meaning

The term "listed property" refers to specific types of assets defined under the Internal Revenue Code. These include:

Passenger automobiles
Other transportation means
Property generally used for entertainment, recreation, or amusement
Computers and peripheral equipment
Cellular telephones and similar telecommunications devices
Any other property specified by regulations

Listed property is subject to particular tax rules, especially regarding deductions and depreciation, to prevent abuse of tax benefits.

Table of content

Legal Use & context

Listed property is primarily relevant in tax law. It affects how businesses and individuals can deduct expenses related to these assets on their tax returns. Understanding this term is crucial for:

Tax planning and compliance
Business expense reporting
Asset depreciation calculations

Users may find it beneficial to utilize legal templates from US Legal Forms to manage tax-related documentation effectively.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Here are a couple of examples of listed property:

A delivery service company that uses vans for transporting goods qualifies the vans as listed property.
A freelance graphic designer who uses a personal computer solely for business purposes may need to consider the computer as listed property for tax deductions.

Relevant laws & statutes

The primary legal reference for listed property is found in:

26 USCS § 280F, which outlines the definition and exceptions related to listed property.

Comparison with related terms

Term	Definition	Key Differences
Listed Property	Specific types of assets defined under tax law.	Includes transportation and entertainment-related assets.
Depreciable Property	Assets that can lose value over time and qualify for depreciation.	Wider category; not all depreciable property is listed property.

Common misunderstandings

What to do if this term applies to you

If you believe listed property applies to your situation:

Review your assets to determine if they fall under the listed property category.
Consult with a tax professional for personalized advice.
Consider using US Legal Forms to access templates for tax documentation.

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Quick facts

Attribute	Details
Types of Assets	Passenger vehicles, computers, entertainment property
Tax Implications	Specific rules for deductions and depreciation
Exclusions	Certain business-use computers

Key takeaways

Frequently asked questions

What is listed property?

Listed property refers to certain assets defined in tax law, including vehicles and computers, that have specific tax treatment.