When a seller repossesses personal property, how is the adjusted basis of the property determined for the purpose of calculating their gain or loss on the repossession? Gain is the same type as the gain on the original sale. Gain from repossession of personal property is not reported. If the property was business-use, gain is always ordinary income. If the personal property is resold within one year of the date of repossession, gain from the two sales is combined