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.

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.


Investment dictionary. . 2012.

Look at other dictionaries:

  • use — 1 / yüs/ n 1 a: an arrangement in which property is granted to another with the trust and confidence that the grantor or another is entitled to the beneficial enjoyment of it see also trust; statute of uses in the important laws section ◇ Uses… …   Law dictionary

  • Property law — is the area of law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. In the civil law system, there is a division… …   Wikipedia

  • property damage — Injury to real or personal property through another s negligence, willful destruction, or by an act of nature. In lawsuits for damages caused by negligence or a willful act, property damage is distinguished from personal injury. Property damage… …   Law dictionary

  • property law — Introduction       principles, policies, and rules by which disputes over property are to be resolved and by which property transactions may be structured. What distinguishes property law from other kinds of law is that property law deals with… …   Universalium

  • personal — per|son|al W1S1 [ˈpə:sənəl US ˈpə:r ] adj 1.) [only before noun] belonging or relating to one particular person, rather than to other people or to people in general ▪ My personal view is that we shouldn t offer him the job. ▪ Style and colour are …   Dictionary of contemporary English

  • Property — is any physical or virtual entity that is owned by an individual. An owner of property has the right to consume, sell, mortgage, transfer and exchange his or her property.cite web|url=http://www.businessdictionary.com/definition/property.html|titl… …   Wikipedia

  • property — prop·er·ty n pl ties [Anglo French propreté proprieté, from Latin proprietat proprietas, from proprius own, particular] 1: something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest …   Law dictionary

  • use tax — n: a tax imposed on the use of personal property and esp. property purchased in another state; specif: a one time tax imposed on the exercise or enjoyment of any right or power over tangible personal property that is incident to the ownership,… …   Law dictionary

  • property — prop‧er‧ty [ˈprɒpəti ǁ ˈprɑːpər ] noun properties PLURALFORM 1. [uncountable] LAW all the things that someone owns: • Some of the stolen property was found in Mason s house. • The President supports a tax cut on profits from sales of property… …   Financial and business terms

  • Property — • The person who enjoys the full right to dispose of it insofar as is not forbidden by law Catholic Encyclopedia. Kevin Knight. 2006. Property     Property      …   Catholic encyclopedia

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