Listed Property (Taxation) - Explained
What is Listed Property?
Written by Jason Gordon
Updated at April 8th, 2022
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Table of Contents
What is Listed Property?How Does Listed Property Work?Academic Research on Listed PropertyWhat is Listed Property?
Listed property refers to assets that are depreciable in nature and are used for tax purposes as they have no implication in financial reporting. This property can serve either personal or business purposes. Listed property such as automobiles, smartphones, and many others are subjected to certain tax rules if they are meant for business purposes.
How Does Listed Property Work?
Basic examples of listed property are smart or cell phones, automobiles including boats and airplanes, computers, sound/recording equipment, and any property included by tax code. But in a case where we have listed property serving both personal and business purposes, they can be called mixed-use property. ADS means Alternative Depreciation System, it is method for calculating depreciation in listed property, depreciable assets purchased for business purposes. For, instance, if you use less than 50% of an asset for business, depreciation can be claimed based on the time the asset was used for. However, only the business-use portion of an asset may be depreciated, an asset used for personal and business use will be tracked. If an asset then only serves business purposes, the qualified business use is calculated in the the assets depreciable portion.