Wis. Admin. Code § Tax 11.55 — Repossessions and sales of property to enforce liens

Tax 11.55(3) (3) Enforcement of liens. Pawnbrokers, storage persons, and others selling tangible personal property and items, property, and goods under s. 77.52 (1) (b) , (c) , and (d) , Stats., to enforce a lien are retailers with respect to such sales, and tax applies to the receipts from such sales.

Tax 11.55(4) (4) Repossessions. Repossessions of tangible personal property and items, property, and goods under s. 77.52 (1) (b) , (c) , and (d) , Stats., by a seller from a purchaser when the only consideration is cancellation of the purchaser’s obligation to pay for the property, item, or good is not a taxable transaction. However, sales at retail of repossessed property (e.g., by finance companies, insurance companies, banks and other financial institutions) are taxable sales.