Personal Property is generally defined as all goods or property other than real estate that the business owner can physically possess, has intrinsic value and that can be physically relocated. For example, furniture, equipment, and/or inventory that is used to conduct business.
Everything that is moveable, inside or outside, of the Short-Term Rental Property is considered personal property. This includes:
- All appliances
- Any and all kitchen wares used to provide the service
- Hot tubs
If you have a home business, any items used for a home business (including any personal items used for business purposes) is considered to be business personal property and must be reported.