Repossession of Real Property

If you have repossessed real property, you can use this calculator to determine the gain or loss as well as its new basis. This includes the reportable gain or loss after repossession costs are taken into account.

The repossession of real property has a GAIN_TO_BE_REPORTED gain to be reported and a new basis of BASIS_OF_REPOSSESSED_REAL_PROPERTY.

**GRAPH**
Gain on Repossession of Real Property (Reported on Installment Method)
1. Total Amount Received From Sale Prior To Repossession TOTAL_AMOUNT_RECEIVED_FROM_SALE_PRIOR_TO_REPOSSESSION
2. Gain Previously Reported, Deferred Or Excluded GAIN_PREVIOUSLY_REPORTED_DEFERRED_OR_EXCLUDED
3. Gain GAIN
4. Original Basis Used To Determine Gain
 
ORIGINAL_BASIS_USED_TO_DETERMINE_GAIN
Limitation
5. Gain On Original Sale GAIN_ON_ORIGINAL_SALE
6. Amount On Line 2 GAIN_PREVIOUSLY_REPORTED_DEFERRED_OR_EXCLUDED
7. Repossession Costs REPOSSESSION_COSTS
8. Add Line 6 Plus Line 7 ADD_LINE_6_PLUS_LINE_7
9. Subtract Line 8 From Line 5 SUBTRACT_LINE_8_FROM_LINE_5
10. Gain To Be Reported
(Smaller of line 3 or 9, not less than zero)
GAIN_TO_BE_REPORTED
New Basis Of Repossessed Real Property
11. Original Basis Used To Determine Gain (from line 4) ORIGINAL_BASIS_USED_TO_DETERMINE_GAIN
12. Amount On Line 1 TOTAL_AMOUNT_RECEIVED_FROM_SALE_PRIOR_TO_REPOSSESSION
13. Subtract Line 12 From Line 11 SUBTRACT_LINE_12_FROM_LINE_11
14. Amount On Line 2 GAIN_PREVIOUSLY_REPORTED_DEFERRED_OR_EXCLUDED
15. Amount On Line 7 REPOSSESSION_COSTS
16. Amount On Line 10 GAIN_TO_BE_REPORTED
17. Basis of Repossessed Real Property
(Sum of lines 13 through 16)
BASIS_OF_REPOSSESSED_REAL_PROPERTY

Repossession of Real Property Definitions

Total Amount Received From Sale Prior To Repossession
This is the total amount you have been paid or have received for this property before it was repossessed. This is used in calculating your gain or loss on the repossession.
Gain Previously Reported, Deferred Or Excluded
Any gain or profit you reported on the sale of this property. This will reduce the current gain or increase the current loss on the repossession.
Original Basis Used To Determine Gain
Original basis that you used when the sale was made to calculate your gain on that sale. Include all sales expenses.
Gain On Original Sale
Gain on your original sale.
Repossession Costs
Costs incurred to repossess the personal property.


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