Thank you for responding. So, the timeshare was actually a Sheraton points time share without any specific property attached to it. I signed a loan agreement for $13000 with the timeshare company. After making multiple payments I realized the type of loan it was would actually end up costing me more than double what I signed up for. So, I started the process of deed in lieu of foreclosure. This meant I had to stop payment and "abandon" my interest in the "property". The FMV ($13,429) is the amount they could sell it for, which is actually more than my purchase price. Box 2 ($11,896) is what I owed after making several payments. I was told by Sheraton that they would be selling the "property" to recapture their "loss".
How do I find my basis in this situation?
For an exemption, do I have to count the value of my principal home and vehicles that I am still paying off?
