What Is Supposed to Be Shown on Your Business Personal Property Return?
If you own a business, your state requires you to pay taxes on any tangible asset your business owns. Forms for filing such taxes require specific, detailed information about those assets. Completing the forms, however, doesn't have to be complicated, as long as you understand which information to include.
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Identification
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Business personal property tax is imposed on any tangible asset in your business that is not linked to land, such as computer equipment, furniture, airplanes, boats, farm equipment, signage, inventory and property improvements, according to the "Frequently Asked Questions" section of the Washoe County, Nevada, website. Some states require home business owners to file as well. If you operate a home-based business, ask your county assessor's office whether you're required to file.
Basic Business Information
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When you file your business personal property tax form, include basic information about your business, such as the business owner's name and Federal Tax ID or Social Security number; the business' name, mailing address and phone number; a description of the business; the business' four-digit Standard Industrial Classification (SIC) Code; the number of rooms the business uses; and the square footage, according to Leonard Sullivan, the Oklahoma County Assessor.
Property Declarations
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Report each tangible business item, description, original purchase price, present condition of the item and purchase date, says the Washoe County, Nevada, site. Items you'll need to report include furniture, machinery, computer hardware and software, video rentals, hotel furnishings, storage tanks, gas pumps, medical or restaurant equipment, signage, farm equipment, and product inventory, says Sullivan. If you constructed the item yourself, estimate its value and include it on the report. Report any additions and renovations to the business property, including a description of the improvement and cost. Do not include routine maintenance repairs.
Property Deletions
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Report any items that your business disposed of or sold during the year.
No Personal Property
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Indicate on the report if you do not own any business personal property, but continue to file each year until your business no longer exists.
Business Sale, Dissolution or Name Change
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If you sold your business or changed its name, be sure to include this information on your property tax report to avoid duplicate or incorrect assessments, says Sullivan. Include the date you sold or closed the business, name and address of the new owner, and the date you disposed of any business personal property. If you still have some of the property, include its value. If you changed the name of your business, indicate the date and the new name, as well as the former name, on your report.
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