Listed personal property (LPP) is a personal-use property that meets the definition of an LPP under section 54. Listed personal property gains and losses follow the same basic rules as personal-use property with the exception that capital losses may be deducted against capital gains on LPP. Gains and losses must first be calculated with the same $1,000 de minimums rule just explained for personal-sue property. If a net LPP loss (losses exceed gains) results, that loss may be carried back three years or forward seven years against LPP gains.