Personal Use Property

Personal Use Property

Property one does not use for a business or investment purpose. Examples of personal-use property include furniture, cars, family heirlooms, and so forth. Losses on personal use property are not generally tax deductible, though a loss on personal use real estate is generally an exception to this rule.
References in periodicals archive ?
Historically, CPAs have dissuaded estate planning clients from funding family limited partnerships with personal use property, such as a primary or secondary residence.
Losses on personal use property, called personal casualty losses, are subject to several limitations.
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