is intangible property taxable 
intangible personal property has no physical shape and as such has no assigned value this makes it hard to account for and properly evaluate them but there are certain forms of intangible personal property that are subject to capital gains taxes this happens when they are sold at a higher price than when they were purchased an asset s value and therefore any capital gains that result from its sale are based on its physical attributes and intellectual content things like music compositions are assets that have great value and may result in capital gains when if they are sold some assets may be taxed as ordinary income such as patents or other forms of intellectual property 