Tangible Personal Property Definition
Tangible Personal Property is one of the types of property recognized by law.
I think the easiest way to understand what tangible personal property is is to understand the two major types of property.
First is real property. Real property is land.
Second, personal property is everything else.
Personal property is then divided into two subcategories
Tangible Personal Property is property that your can touch, feel, or move. It is property that normally would not convey with the purchase of land.
What is NOT tangible personal property?
- Anything that represents something of value (like a dollar represents a value, not the dollar itself)