Income Tax Consequences of Loss of Personal Property to Creditors

Date
2003-10-03
Authors
Harl, Neil
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Abstract

A recent inquiry by a tax practitioner on the proper reporting of a turnover of a farm tractor to the creditor focused attention on an area in which there is confusion by both taxpayers and tax practitioners. Real property rates a special procedure in the event of repossession following an installment sale; personal property repossessions are governed by the general rules for repossessions, not those for real property. However, the turn over of property to the creditor is the same for both types of property.

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