- 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.
