Filling Out the Personal Property Declaration

How to Fill Out the Personal Property Declaration
The taxpayer should list:
    ◦ All personal property, owned, rented, leased, or controlled as of July 1
         ◦ Acquisition cost of the property (including installation and set up charges)
         ◦ Date of acquisition

    ◦ Any items sold, scraped, dismantled, or otherwise removed should be crossed off your existing list
    ◦ Items should be reported in chronological order
    ◦ List property separately by type (desks, chairs, general equipment, electronic / digital equipment, property leased to          or by the business, leasehold improvements, etc.) because different schedules of depreciation may apply to each type of     equipment

Please Note
Only unregistered vehicles should be included.

What Not to Include
    ◦ Inventory held for resale
    ◦ Raw materials held for manufacturing into finished goods
    ◦ Registered vehicles
    ◦ Supplies not meant for resale which are:
         ◦ Absorbed
         ◦ Disposable, with a generally useful life of less than one year
         ◦ Dissipated
         ◦ Drained
         ◦ Expended during the normal day-to-day operation of the business
         ◦ Not depreciated for Federal Tax purposes
         ◦ Used up

The actual location of the property must be reported and listed separately for each individual location. Any change in name, location, or ownership of the business must be reported. The date the business or location was closed or was acquired by another person must be reported. The type of business must be identified (i.e. restaurant, mine, retail store, doctor's office, warehouse, etc.)

For More Information
If you have any questions or need assistance in filling out the form please contact our office by email or by phone at (775) 782-9830.