Is Artwork Tangible Personal Property?

Tangible personal property refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt.

These generally include items such as furniture, clothing, jewelry, art, writings, or household goods.

What qualifies as tangible personal property?

Tangible personal property is everything other than real estate that is used in a business or rental property. Examples of tangible personal property are computers, furniture, tools, machinery, signs, equipment, leasehold improvements, supplies, and leased equipment.

What is the difference between personal property and tangible personal property?

Personal property is movable property. It’s anything that can be subject to ownership, except land. Real property is immovable property – it’s land and anything attached to the land. Normally, a piece of property can be easily classified as either personal property or real property.

Are bank accounts considered tangible personal property?

Tangible personal property has physical substance and can be touched, held, and felt. Intangible personal property includes assets such as bank accounts, stocks, bonds, insurance policies, and retirement benefit accounts.