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What is business personal property?

April 26, 2017Business Property

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What is business personal property?

13 Answers

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Business personal property includes all property, except inventory items held for sale or short-term rental and real estate owned and/or used by a business. Examples of business personal property include office furniture, computers, machinery, drill presses, and hand tools.

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A. BUSINESS PERSONAL PROPERTY is all your Furniture, Machinery, equipment, “Stock”, all other personal property owned by you and used in your business, personal property of others in your care custody and control and leased personal property in which you have contractual responsibility. Business Personal Property coverage pays for direct physical loss of or damage to Covered Property subject to exclusions.

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A. Business personal property includes all property, except inventory items held for sale or short-term rental and real estate owned and/or used by a business. Examples of business personal property include office furniture, computers, machinery, drill presses, spare parts and supplies.

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Business personal property includes all supplies, equipment and any leasehold improvements used in the operation of a business (see Page _ of the 571L instructions for an explanation what constitutes leasehold improvements). Business inventory and licensed vehicles (except Special Equipment (SE) tagged and other off-road vehicles and equipment) are not taxable personal property and should not be reported.

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Business property is any tangible property owned, claimed, used, possessed or controlled in the conduct of a trade or business. In general, business personal property is ALL property owned or leased by a business except real property and inventory. Inventory is property held for sale or lease to others in the course of your business operations.