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.
Repossession of Personal Property from a Deferred Payment Sale Calculator
Repossession of Personal Property from a Deferred Payment Sale Calculator Definitions
- Balance Due at Repossession
- Balance due at repossession minus any deficiency judgment.
- Fair Market Value
- The fair market value of the person property at the time of repossession
- Repossession Cost
- Costs incurred to repossess the personal property.