Repossession of Real Property

If you have repossessed real property, you can use this calculator to determine the gain or loss as well as its new basis. This includes the reportable gain or loss after repossession costs are taken into account.
 
 

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Please view the report to see detailed results in tabular form.

Definitions

Total Amount Received From Sale Prior To Repossession
This is the total amount you have been paid or have received for this property before it was repossessed. This is used in calculating your gain or loss on the repossession.
Gain Previously Reported, Deferred Or Excluded
Any gain or profit you reported on the sale of this property. This will reduce the current gain or increase the current loss on the repossession.
Original Basis Used To Determine Gain
Original basis that you used when the sale was made to calculate your gain on that sale. Include all sales expenses.
Gain On Original Sale
Gain on your original sale.
Repossession Costs
Costs incurred to repossess the personal property.

The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.