Property inventory

Property inventory,

Definition of Property inventory:

  1. Property Inventory is a written tally of all of a taxpayer's personal property. This inventory will also denote how much was paid for each item and when, along with each item's current market value. Property inventories are generally used by taxpayers to calculate gain or loss on sale of property, as well as to report losses of property to insurance companies.

  2. A list of a companys fixed assets, like buildings.

  3. Property inventory is often called Real Property Inventory or RPI for short. When property inventories become too large for one person to manage on their own, a software program or third-party property asset manager may be utilized to track and maintain the property inventory. However, individuals can also initiate and track their own property inventory in an informal or more formal way with their own structures. Property inventories can be especially helpful to track assets, losses, costs, and information over a period of time for analysis.

Meaning of Property inventory & Property inventory Definition