Tangible Personal Property
Definition - What does Tangible Personal Property mean?
Tangible personal property refers to property that exists as a real-life entity as opposed to being conceptual, or in a form that only exists as data. For example, paintings, jewelry, vehicles and furniture are all examples of tangible personal property.
In the context of the law, tangible personal property can be distinguished from intangible property when possessions are being passed from one person to the next.
Justipedia explains Tangible Personal Property
In order for an item to be personal property, it must be movable. This means that houses and permanent building structures are not personal property. They are instead known as real property.
Checking accounts and cash are intangible personal property, so a person can have many different types of property. It is common for a person to pass on tangible and intangible personal property, and real property, in wills.
Different types of property can be subject to different tax laws.
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