What Is Tangible Personal Property?

Page Content. “Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Sales and use taxes apply when tangible personal property is used or consumed in Illinois.

What are considered tangible personal property?

Tangible personal property (TPP) comprises property that can be moved or touched, and commonly includes items such as business equipment, furniture, and automobiles. This is contrasted with intangible personal property, which includes stocks, bonds, and intellectual property like copyrights and patents.

What is not considered tangible personal property?

To be considered tangible personal property, an item must be something you can physically handle. A checking account belongs to you and is considered an asset, but it's not tangible personal property because you can't touch it.