If you have repossessed personal property with installment payments, 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 an Installment Payment Sale Calculator
Repossession of Personal Property from an Installment Payment Sale Calculator Definitions
- Gross Profit on Original Sale
- The percentage of gross profit you realized on the original sale.
- 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.