So … What is Personal Property?

By Lynn Magnusson, ASA with Becky Lipnick

What is Personal PropertyCommon definitions of personal property often include “movable property; belongings exclusive of land and buildings…Any asset other than real estate.” After 20 years in the business, I find that the definition most people immediately understand is the simplest: “Stuff.” The only danger with this definition is that people often have a preconceived notion of their “stuff’s” value. Some underestimate, while others overestimate the monetary value.  Just look at these different examples of what you can own!

As you can see, there are a lot of types of personal property. And, the same type of item can vary drastically in price: Someone selling a “car” could have a $100 junker or the latest Tesla. “Stuff” can sell for six-figures or pocket change, depending on the particular items’ characteristics of value. How can you tell what your collection is worth, if you aren’t sure?

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This blog reprinted by permission of the author. It was originally published as So … What is Personal Property?