How to Determine Tax on Repossessed Personal Property

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How to Determine Tax on Repossessed Personal Property | eHow More
Published: 9 years, 4 month(s) ago by Gretchen Wright | permalink
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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...

For further reading: http://www.ehow.com/how_3391242_determine-tax-repossessed-personal-property.html ^[1]

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How Creditors Collect Debts: Property Repossession, Wage Garnishment, Bank Attachment, and More - Nolo.com More
Published: 9 years, 4 month(s) ago by David Babashanian | permalink
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Debt Collection: Repossessions, Wage Garnishments, Property Levies, and More

For further reading: http://www.nolo.com/legal-encyclopedia/debt-collection-repossessions-wage-garnishments-property-levies-more ^[2]

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Taxation of abandonments, foreclosures and repossessions More
Published: 9 years, 4 month(s) ago by Carol Masih | permalink
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Many taxpayers in the current economy have had trouble paying mortgages, car notes and other debts. Some are forced to abandon property, go through foreclosures or have property repossessed. While such measures may alleviate the financial burden on these taxpayers, the tax consequences often are overlooked. When property that secures

For further reading: http://www.journalofaccountancy.com/issues/2012/mar/20114907.html ^[3]

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Category: Fun | 9 years, 4 month(s) ago

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David Babashanian, Carol Masih, Gretchen Wright

References & Citations

1. http://www.ehow.com/how_3391242_determine-tax-repossessed-personal-property.html

2. http://www.nolo.com/legal-encyclopedia/debt-collection-repossessions-wage-garnishments-property-levies-more

3. http://www.journalofaccountancy.com/issues/2012/mar/20114907.html