Tangible Personal Property
Frequently Asked Questions

Tangible Personal Property is any goods, chattels, and other equipment or furnishings owned by and /or used for a business purpose. This includes equipment personally owned, fully depreciated, or written off for Internal Revenue Service’s purposes. Any assets reported on IRS form 4562 along with Section 179 assets are considered Tangible Personal Property. Some examples of Tangible Personal Property include but are not limited to: computer equipment, security equipment, office equipment, furniture, fixtures, medical, dental, manufacturing equipment, capital leases, signage and leasehold improvements. Class 94 vehicles (vehicles registered as a tool & not as transport) are Tangible Personal Property. Vehicles not registered as Class 94 (tool) may have equipment attached such as air compressors, power cranes, and tool boxes that are considered Tangible Personal Property. The filing deadline for Tangible Personal Property returns is April 1st of each year..