This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property In Purchase Contract In Alameda
Category:
State:
Multi-State
County:
Alameda
Control #:
US-00123
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
You must report all business assets, including all fully depreciated assets and/or expensed assets. Do not report licensed vehicles, computer application software, and goods held for sale, rent, or lease (i.e., inventory).
If you sold a personal use asset for more than what you bought it for, then you would generally report that on the Stock or Investment Sale Information screen. You can report any selling expenses by reducing the amount you enter as "Sale Proceeds" by the amount of your selling expenses.
Under Article XIII, Section I of the California Constitution, all property is taxable unless it is exempt. Each year Personal Property is reassessed as of lien date, January 1st. Personal Property is all property except real estate and can include business equipment, vessels, aircraft, vehicles and manufactured homes.
Personal property taxes are deductible when they are based on the value of personal property, such as a boat or car. To be deductible, the tax must be charged to you on a yearly basis, even if it is collected more than once a year or less than once a year.
You can deduct up to $10,000 (or $5,000 if married filing separately) of state and local taxes, including personal property taxes.
If you end up paying personal property taxes to your local government, the IRS allows you to claim a deduction for it on your federal tax return.
Visit The Local Assessor's Office If you're scouting out a property, one of the first places you can try for owner information is your local tax assessor's office.
Property ownership information can be requested from the County Registrar-Recorder or County Clerk for the county where the property resides. The downside to getting property data through the County Assessor's office is that each county has a different process for doing so.