Personal-Use Property

Personal-Use Property

Property that is not used for business or investment purposes.
References in periodicals archive ?
a rental property) on their personal return, but not those on personal-use property (e.
Business property is eligible for like-kind exchange treatment, while personal-use property is not.
Under which of these circumstances (if any) would the replacement property be deemed held by P as personal-use property, rather than as business or investment property, immediately after the exchange, thereby precluding Sec.
Neither the Code and regulations, nor the cases, set a "bright line" test of how long rental use must continue before property can be converted to personal-use property.
168(i)-4(b), personal-use property converted to business or income-producing use is deemed MACRS property placed in service on the date of conversion.
It is also necessary that the residence be treated as personal-use property for which no business deductions are claimed through the duration of ownership by the entity.
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