​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​What qualifies as business property?

  • ​All office equipment including furniture, fixtures, furnishings, operating equipment, computers, peripherals, hand tools, power tools, books, machinery, and other such tangible property.
  • All tangible property is given as a gift. (Confirm the fair market value (FMV) upon receipt of the property. Fair Market value is defined as the price that the property would sell for on the open market. There are online sites to determine FMV: ​ The Salvation Army Donation Value Guide, ​Valuation Guide for Goodwill Donors, ItsDeductible, etc.)
  • All non-licensed vehicles and trailers (including yard vehicles, tractors, storage trailers, office trailers, etc.)
  • All items are fully depreciated but still in use.
  • If you are out of business or have sold the business prior to January 1 of the current year, you must notify the Commissioner of the Revenue's office in writing giving applicable dates.

Important Messages and How to File