You need to file a tangible return if:
- You are operating a business or rental property and have not filed a tangible return in the past.
NOTE: You must file an initial tangible return regardless of value.
- You are operating a business or rental property and have tangible assets valued at over $25,000.
You do not need to file a tangible return if:
- Your business or rental property filed a return in a prior year with total tangible assets valued at less than $25,000 and the current total value remains less than $25,000.
- Your tangible assets are household items in your homesteaded residence not used in relation to commercial purposes or for resale.