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A repossession of personal property may have tax implications depending on the gain or loss. This calculator can help you determine the reportable gain or loss of the repossessed property. You will need the following information:
the balance due at repossession
the fair market value of the property at the time of repossession
any costs incurred to repossess the property
Repossession of Personal Property from a Deferred Payment Sale Calculator
If you have repossessed personal property from a deferred payment sale, you can use this calculator to determine the gain or loss. This includes the reportable gain or loss after repossession costs are taken into account.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
