Listed property is a classification under the United States Internal Revenue Code for certain pieces of depreciable personal property that are used predominately for business purposes. This designation means that the property is subject to specific rules when it comes to accounting for depreciation and claiming the respective deductions. To qualify as listed property, a piece of depreciable asset must be used for business purposes no less than 50% of the time.

Examples of listed property can include a variety of objects, from vehicles and computer equipment to recording devices and other specialized tools used for business purposes. When a listed property is used for both personal and business purposes, a specific formula is used to allocate depreciation based on the amount of time the item was used for each purpose.

Listed property has been an area of scrutiny for the Internal Revenue Service in years past. The IRS has become increasingly vigilant regarding the accurate use and disclosure of these types of assets. They can impose tax penalties and close scrutiny of the books if they suspect misuse or misrepresentation of listed property. As such, anyone who owns a listed property should know the rules and regulations related to them in order to ensure compliance.

For small business owners, the purchase of listed property can be a great way to save money when filing taxes. Depreciation is a powerful tax-saving tool that can help reduce taxable income. If used properly and according to the rules, small business owners can take advantage of the deductions and savings associated with listed property.

Overall, listed property is a type of asset subject to specific regulations under the Internal Revenue Code. It includes such items as vehicles, computers, and recording equipment that are used predominantly for business purposes at least 50% of the time. The accurate use and disclosure of listed property is essential for any small business owner in order to comply with the legal requirements and maximize tax savings.