Personal Use Property

AAA

DEFINITION of 'Personal Use Property'

A type of property that an individual does not use for business purposes or hold as an investment. In other words, property that an individual owns for personal enjoyment.

INVESTOPEDIA EXPLAINS 'Personal Use Property'

There are many examples of personal use property, including vehicles, home furniture, a personal library, clothing, and so forth.

The definition is important in some tax jurisdictions in terms of whether or not a loss on the disposition of the asset is deductible. For example, often real-estate is treated differently in terms of taxation despite the fact that you use your home for personal use.

RELATED TERMS
  1. Like-Kind Property

    Any two assets or properties that are considered to be the same ...
  2. Assessed Value

    The dollar value assigned to a property for purposes of measuring ...
  3. Hobby Loss

    A non-deductible loss incurred as a result of doing an activity ...
  4. Personal Property

    A type of property which, in its most general definition, can ...
  5. Patent

    A government license that gives the holder exclusive rights to ...
  6. Reassessment

    The process of redetermining the value of a parcel of real estate ...
Related Articles
  1. Economics

    What is Earnest Money?

    An earnest money deposit shows the seller that a buyer is serious about purchasing a property.
  2. Personal Finance

    Why These Could Be 2015's 10 Best REITs

    If you want to get on the REIT money train, then you better hurry up. However, the REITs covered here have potential beyond 2015.
  3. Investing

    Eyeing REITs? Consider these Risks

    REITs are a great way to invest in real estate without all the drama and headaches. That said, there are risks.
  4. Brokers

    How Real Estate Agent and Broker Fees Work

    Buying or selling a home? What you need to know about real estate agent and broker fees.
  5. Options & Futures

    Give Yourself More Options With Real Estate Options

    Real estate options have many benefits, including a smaller initial capital requirement.
  6. Options & Futures

    How To Make Money WIth Real Estate Options

    Buying real estate options is one way to invest in real estate at a lower entry cost.
  7. Home & Auto

    What does "In Escrow" Mean?

    Escrow is a financial agreement involving two parties, usually a buyer and a seller. The buyer deposits money, securities or other funds into the escrow account, where they are held until both ...
  8. Investing

    Arm's Length Transaction

    An arm’s length transaction describes business deals in which the buyer and seller act independently and with no interest in the other’s benefit.
  9. Home & Auto

    Investing In Luxury Real Estate

    You might not have the money for a luxury home of your dreams, but that doesnt mean there aren't still plenty of ways to invest in luxury properties.
  10. Entrepreneurship

    Understanding The National Association Of Realtors

    Not every real estate agent or broker is a realtor. Here's what the difference is and why working with a member of the NAR might matter to you.

You May Also Like

Hot Definitions
  1. Asset Class

    A group of securities that exhibit similar characteristics, behave similarly in the marketplace, and are subject to the same ...
  2. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  3. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  4. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  5. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  6. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
Trading Center