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What is a 1099-A
I received a 1099-A for a timeshare property and both the outstanding balance and FMV are the same? Do I have to report this on my taxes or is the lender the one that's reporting? Don't quite understand what I need to do. Can someone please help and I thank you in advance for the help.
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Generally, you receive Form 1099-A, Acquisition or Abandonment of Secured Property, from your lender. This form will have the information you need to determine the amount of your gain or loss and any ordinary income from cancellation of debt. You report profit and loss from the sale. |
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GOOD NEWS: Since the FMV and the outstanding balance are the same, there is probably NO imputed income from the debt forgiveness, in which case you will not need to report any such income on your tax return.
BAD NEWS: The timeshare will be considered to be a personal, not a business, property, so any LOSS you suffered in the foreclosure is NOT a capital loss that you can claim on your tax return. |
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