Tip - How to Determine Tax on Repossessed Personal Property | eHow

When you repossess personal property sold on the installment method, such as a car or a boat, you could have a gain or loss on the repossession. Determine the gain or loss by adding your costs to your basis in the installment obligation and deducting the total from the fair market value (FMV) of the property. Add additional recoveries from the...