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. Investopedia Says:
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. Related Terms:
Assessed Value
Hobby Loss
Like-Kind Property
Personal Property |