We have been in the process of getting out of our timeshare. In April 2021, the timeshare company notified us that they were "accepting back our Membership in satisfaction of the balance, and the obligations due from us to them will be deemed discharged as a result....Thereafter, we will not have any Membership rights and will not have any further obligation to make payments under the Agreement." We recently received a Form 1099-A regarding the "Acquistion or Abandonment of Secured Property" which states that the FMV exceeds the Balance of Principal Outstanding and has the box checked for "the borrower was personally liable for repayment of the debt." We have not received a Form 1099-C or anything else. What do we need to do for proper filing of our 2021 Tax Return? What forms need to be filed and how do we properly enter them using Turbo Tax?
