What term is used for property such as passenger automobiles and computers used for personal entertainment?

Listed property refers to certain types of property that have restrictions and specific tax implications. This category includes items that are used for both business and personal purposes, such as passenger automobiles, computers, and other personal entertainment devices. The IRS imposes special rules on this property because the mixed-use nature affects the depreciation methods available for these items. For example, you must keep detailed logs to ensure the appropriate use percentage is utilized for tax deductions, especially if the property is also used for business purposes.

In contrast, non-depreciable property includes land or property that does not lose value over time and therefore does not qualify for depreciation. Intangible assets encompass non-physical assets like patents, trademarks, and goodwill, while fixed assets generally refer to property used in a business that is expected to last for a significant amount of time, such as machinery or buildings. However, fixed assets do not typically cover items primarily for personal entertainment or use, which is why listed property is the correct term in this context.