Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 29, 2020 5:17:27 PM

I filed bankruptcy in 2018 and Bluegreen sent me a 1099-A The timeshare was included in the bankruptcy. Do I need to report this. If I do how do I get the 1099-A page ?

0 2 1036
1 Best answer
Expert Alumni
Mar 29, 2020 5:31:50 PM

You may get Form 1099-A (Acquisition or Abandonment of Secured Property) if your lender foreclosed on your mortgage or repossessed property as a result of a defaulted loan.

If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it. However, hang onto this form and keep it with your tax records.

On the other hand, if you got a 1099-A for business or investment property (like a rental), we highly recommend that you consult a tax professional for further advice.

 

The Timeshare would be considered personal property.  

2 Replies
Expert Alumni
Mar 29, 2020 5:31:50 PM

You may get Form 1099-A (Acquisition or Abandonment of Secured Property) if your lender foreclosed on your mortgage or repossessed property as a result of a defaulted loan.

If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it. However, hang onto this form and keep it with your tax records.

On the other hand, if you got a 1099-A for business or investment property (like a rental), we highly recommend that you consult a tax professional for further advice.

 

The Timeshare would be considered personal property.  

New Member
Jun 9, 2023 2:16:42 PM

What lawyer did you use? I need one to file bankruptcy also. 

 

Thanks