Tangible and Intangible Personal Property

Vehicles, furniture, animals, equipment, jewelry, clothing and tools are tangible personal property because these can be seen and touched. Some items are intangible personal property. Intangible personal property refers to property that represents a value rather than an actual physical object. Stocks, bonds, patents, copyrights, goodwill, business interests, mineral rights, claims for damages and contracts for debts and fees owed are examples of intangible personal property.

I have rental income from a condominium I own. Are the payments I receive real or personal property?

Although money is typically personal property, these payments are not. Since your rental income is directly derived from real property (the condominium), the payments are real property as well.

My mobile home is anchored to the ground. Is it real or personal property?

Your mobile home is personal property if it is still capable of being moved. However, if it is anchored to a permanent concrete foundation, it is real property. The mobile home becomes part of the land or realty if you remove the wheels, axles and hitches that make it capable of being moved or transported.

Many states have specific laws relating to mobile or manufactured homes that prohibit them from becoming fixtures. In those states, a mobile home is never converted into a fixture and remains the owner's personal property.

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