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DRG1
New Member

Can you offset 1099-C income with a loss on a time share, financed through credit card?

Bought a timeshare, sham, gave deed in lieu of foreclosure, financed through credit card. Now getting 1099-C for forgiven amount, but 0 on FMV.

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AlanT
Expert Alumni

Can you offset 1099-C income with a loss on a time share, financed through credit card?

Unfortunately, losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible at all.

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AlanT
Expert Alumni

Can you offset 1099-C income with a loss on a time share, financed through credit card?

Unfortunately, losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible at all.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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