What to report on TPP returns?
• Tangible Personal Property- Include all goods, chattels, and other articles of value (but not certain vehicles) capable of manual possession and whose chief value is intrinsic to the article itself. More specifically, all furniture, fixtures, equipment and supplies used in your business or rental property. • Items of inventory held for lease to customers in the ordinary course of business, rather than for sale, shall be deemed inventory only prior to the initial lease of such items and MUST be reported after their initial lease or rental as equipment and/or furniture or fixtures. • ALL FULLY DEPRECIATED OR EXPENSED ASSETS MUST BE REPORTED AT TOTAL ORIGINAL COST.
