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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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snow
10:01
or maybe something on my knee, but i heard thats hella painful
Dkk
10:01
I wouldn't say trauma, the trauma would probably come from seeing my friends head get crushed by an LTV and feeling the bag of glass that was his skull in my hands. Or knowing a kid I mentored shot himself with a bullet he used to keep around his neck that I allowed him to have illegally.
Dkk
10:01
Feet shit though, just annoying.
dkk that is heavy stuff
snow
10:01
jesus dk
BulbasaurNoLikeCardio
10:01
Winter is tattoo season because you are less likely to be in the sun exposing the healng tattoos, you dont go swimming or tanning in winter either so you don't miss out on the fun stuff of summer
Guys
Do u think I will hear from au today
snow
10:02
homely i hope we do!
Yes is the only correct answer ty
Dkk
10:02
Lmfao, it's just part of life in the military. Couple years ago a guy I knew got crushed by a tree. Is what it is.
snow
10:02
@BulbasaurNoLikeCardio: thats smart. i dont know anything about tattoo care lol
babycat
10:02
Also piercings are better to get in the winter
snow
10:02
dk i feel like you would do great in criminal defense
soap
10:02
you good Dk?
snow
10:03
i got my nose pierced last thanksgiving and it got infected @babycat
Dkk
10:03
Probably could just shock the jury into sideing with me lol
babycat
10:03
I mean bc you can’t go swimming with a piercing
Dkk
10:03
Ahh yeah, just hate that word. Trauma. Hate how people use it.
babycat
10:03
So you want to do it in winter when you won’t be missing it. Sorry abt ur nose though
BulbasaurNoLikeCardio
10:04
@snow: healing is super easy it takes like a week to get through the bad part but being in the sun or going in water is a no no so if you get it in the summer that is two weeks at least of no summer fun while winter it doesnt matter
snow
10:04
i think the piercer just did a bad job. my ex and i's piercings both got infected
babycat
10:04
maybe you’re spiritually aligned like that
Dkk
10:04
Gross, piercings.
snow
10:04
@babycat: i was living the bob dylan life man. smoking cigs with a nose piercing while drinkin coffee. have been chasing that high since
BulbasaurNoLikeCardio
10:04
I have been wanting a piercing just to feel what it is like
snow
10:05
@BulbasaurNoLikeCardio: that makes sense. idk im just nervous of infections
snow
10:05
i have my ears pierced but thats it
babycat
10:05
I have a couple types of ear piercings and navel
BulbasaurNoLikeCardio
10:05
Only dirty people get infections from tattoos, higher chance of an allergy to the ink. Just go to a legit shop
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