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LSDefine

Simple English definitions for legal terms

listed property

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A quick definition of listed property:

Listed property is things that people use for both personal and business purposes, like cars, phones, and computers. The government has rules about how much of these things can be counted as business expenses for tax purposes. If more than half of the use is for business, it can be treated like any other business expense. But if less than half is for business, a different way of counting the expense has to be used. To figure out how much can be counted as a business expense, people have to keep careful records of how much they use the listed property for business and how much for personal use.

A more thorough explanation:

Listed property refers to assets that are used for both personal and business purposes. These assets include transportation, entertainment, and other properties specified by regulations.

For example, a car used for both personal and business purposes is considered a listed property. The same goes for a cell phone or computer used for both personal and business purposes.

If the business-related use of a listed property is more than 50% in a tax year, it can be treated the same as any other business asset. However, if the business-related use is less than 50%, the asset is not considered predominantly used in a business, and the ADS straight-line depreciation should be used to count the deduction. This is called the predominant-use test.

To pass the predominant-use test, the user needs to maintain detailed records of the use of the listed property. For example, the mileage of a vehicle used for the business should be recorded, along with the expenditure related to the asset, such as cost of the property, repairs, insurance, and others.

Overall, listed property is important for businesses that use assets for both personal and business purposes. By keeping detailed records and passing the predominant-use test, businesses can ensure that they are properly deducting expenses related to listed property.

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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