How to Determine Tax on Repossessed Personal Property

Submit Your Tip

How to Determine Tax on Repossessed Personal Property – This is a place for the community to provide tips and advice on How to Determine Tax on Repossessed Personal Property. This topic was created by Janet Cade and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - How to Determine Tax on Repossessed Personal Property | eHow

Published: 9 years, 3 month(s) ago | Submitted by Gretchen Wright | permalink

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]

Tip 2 - How Creditors Collect Debts: Property Repossession, Wage Garnishment, Bank Attachment, and More - Nolo.com

Published: 9 years, 3 month(s) ago | Submitted by David Babashanian | permalink

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]

Tip 3 - Taxation of abandonments, foreclosures and repossessions

Published: 9 years, 3 month(s) ago | Submitted by Carol Masih | permalink

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]