Listed property is a tax category of assets that lend themselves to personal use — passenger automobiles, pickup trucks, SUVs, aircraft — and it carries stricter recordkeeping and a more-than-50-percent business-use test than ordinary business equipment.
Your tow rig is the reason this matters. Form 4562’s instructions define passenger automobiles as those “weighing 6,000 pounds or less,” then separately sweep in “any other property used for transportation if the nature of the property lends itself to personal use, such as motorcycles, pickup trucks, SUVs, aircraft.” So a dually over 6,000 pounds isn’t a passenger automobile under that definition, but it is still listed property — substantiation and the more-than-50-percent test both still apply. Don’t generalize from the truck: computers left the category, since Topic 704 states “computers and related peripheral equipment are not included as listed property,” and the IRS list names vehicles rather than trailers. Ask your preparer where the hauler lands. General education, not tax advice.
Listed property is the label that decides whether your biggest deduction survives a records request, and letting business use slip to half is enough to claw depreciation back without you selling a thing.