Do I have to claim income from form 1099-C if the credit was for a Time Share?

[bertin-linda]

It doesn't list Time Share under either category

[KittyM]

Yes, if you have a 1099-C you must declare income from the forgiveness of debt.  A cancellation of debt is considered taxable income to the extent of the debt that you were forgiven.  Generally, your lender will issue you a 1099-C showing the taxable amount you should report on your return.  

To enter your 1099-C,

• In your Federal Return, choose the tab for Wages & Income
• Scroll down to the topic Less Common Income.  (You may have to click Add more income and See a list to find it.)
• Scroll to the very last item Miscellaneous Income, 1099-A, 1099-C and choose Start/Edit
• This will open the screen for Miscellaneous Income.  Scroll down again to Cancellation of debt (Form 1099-C) or the abandonment and/or acquisition of secured property (Form 1099-A) and Start/Edit
• The first screen says Tell us about your canceled debt.  
• Choose the second radio button "I received 1099-C for another type of debt..." and Continue to complete the interview.