Vehicle Repo

[rfk]

How should a repossession be handled (besides obviousness) with regard to a TY 2007 vehicle repossession that was used for business purposes? There was a "bunch" of depreciation taken previously, special etc., so I am wanting to know how to approach the calculations for reporting the repossession that took effect in TY 2007. I am preparing the client's TY 2007 return.

Thanks for your help.

rfk

[MLINDER42]

Repo

Did the client receive paperwork what vehicle was sold for?Is he responsible for the shortage?

[rfk]

Repo

No idea about paperwork, but there is a deficiency judgment. So I do not know if there are any 1099's or ...

rfk

[Uncle Sam]

Vehicle Repo

If you have CFS Tax Tools, there's a module in the program that calculates repossessions of personal property.