Why are buildings not included in the personal property?

ervin450 · Apprentice Joined: 27 Jun 2008 Posts: 2

Good evening everybody. I was wondering if you could tell me something about personal property. I am not quite clear what is all included in that category. Why are buildings not included in the personal property? Does this property have some tax consequences? Thank you very much for your posts.

tove · Apprentice Joined: 23 Mar 2011 Posts: 1

Hello there. To tell you the truth, I have no idea why buildings are not included in the personal propert. Personal property is determined as a property that you can move. Obviously, that is also main difference between personal property and real estate. Some of personal property is liable for taxation. For example, stocks and bonds belong to personal property, but you still have to pay tax for owning them.

stefa · Apprentice Joined: 17 Jun 2007 Posts: 1

Hello. Many things can be named as personal property. You have two types of personal property, tangible and intangible. Tangible personal property includes furniture. Jewelry, household goods and many other things are treated as personal property as well. Intangible property includes securities and some other financial assets. As you know, for these you have to pay tax. It is called personal property tax and works pretty much the same as every tax. That would be all from me. Bye!

ervin450 · Apprentice Joined: 27 Jun 2008 Posts: 2

Hello there. Tax law distinguishes several types of personal property. All the vehicles, such as cars, boats, aircraft and similar, belong to this group. In other group you have works of art and other valuable items. And then you have stocks and bonds, which are intangible personal items. For most of them you have to pay certain amount of taxes. Of course, there are some exemptions. Regarding to your question, furniture is not liable for taxation.