What is an asset list and what should it contain?

An asset list is a list of ALL items you have purchased or acquired for conducting your business.

✔ The list should include a brief description of each item, the original cost and the year in which the item was obtained or purchased.

✔ If you acquired the item but did not purchase it, you are still required to include it on the asset list and should assign a reasonable cost to the item.

✔ If you are starting a business or recently moved your business to Loudoun County and have assets that you use for conducting your business, you are required to claim all assets regardless of when they may have been acquired.

✔ Whether or not assets have been federally depreciated or expensed, an item of business personal property remains on the asset list and is taxable until it has been disposed of and is no longer available for use by the business.

✔ After disposal, the item should be marked as disposed on the asset in list in the year it was disposed and the original cost subtracted from the yearly total of items in the year in which in what purchased or acquired.

Examples of items that would be included are: specialized lighting fixtures, computers, copy machines, furniture, shelving, displays, equipment, vehicles that are not tagged and titled, tools, diagnostic equipment and point of sale equipment. Items typically excluded would be electrical upgrades, plumbing upgrades, structural building upgrades, software, tagged and titled vehicles and HVAC equipment.

If you are unsure whether an asset should be included or excluded, please contact our office and someone will assist you in determining whether it should be an included or excluded asset.

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1. A Tax Compliance Officer, from the Office of the Commissioner of the Revenue, visited my business location. What should I do?
2. I received an audit letter in the mail. Do I have to answer or comply?
3. What is an asset list and what should it contain?
4. I receive a bill or pay my bill for my Business Personal Property Tax (BPPT) every year. Why do I have to file to be “in compliance”?
5. Where can I find information about starting a business?
6. How do I register my business with Loudoun County, renew my business license or file my business personal property?
7. I received a letter asking for a tenant list for the properties I rent. Do I have to answer or comply?
8. My business is located within the incorporated limits of Hamilton, Hillsboro, Leesburg, Lovettsville, Middleburg, Purcellville, or Round Hill. Who should I contact regarding my business license?
9. I have concerns regarding neighbors in home business/I have concerns regarding crowding. Who should I contact?
10. Who should I contact regarding the status of a vehicle with out of state plates regularly located within Loudoun County?