I received a 1099A for a timeshare that was included in a bankruptcy. Do I need to include this on my taxes?

[mdmm45]

I had a timeshare, that was for personal use only, that we received a 1099A for but it was included in the bankruptcy that we filed in the same year.  Does this have to be included on our taxes or not?  There are multiple conflicting answers within the community. 

If we do have to include it where on the premier turbo tax does it get entered?  There is only a place for 1099C and just states to contact IRS publications for further information about the 1099A.  I just upgraded turbo tax from deluxe to premier thinking that is what I needed to do to be able to enter the 1099A.

[mdmm45]

According to the IRS website and publication 4681 it states that we are to complete schedule D and Form 8949, to show a gain or loss, even though a loss is not deductible.  Also does it matter if box 5 on the 1099-A is checked?    I have read on-line on multiple tax websites that you do have submit these forms, however these comments were mostly older after the housing downfall.  I just don't want this to come back and haunt me.  Does this still apply as "informational" and we don't have to file these forms? Can you please make sure that this is not reportable?

[PatriciaV]

In general, Form 1099-A is informational and is used if and when you receive Form 1099-C to report any gain or loss on the cancellation of debt. Form 1099-A does not include the amount of debt that was cancelled. So you need the information on Form 1099-C in order to report the transaction. For this reason, TurboTax does not support any entries for Form 1099-A by itself.
If you are still concerned about what and how to report this transaction, we recommend contacting a local tax professional who may be more familiar with your complete financial situation.

[PatriciaV · Accepted solution]

No, you don't need to report it since this Form 1099-A related to personal property. Read more below:

https://ttlc.intuit.com/replies/3299944

[RiSuDaWe3]

I received a 1099A form for a Vacation Ownership interest for which I paid over $18,000 to an organization to terminate my ownership.  I stilled owed $49,481.60  to the time share company.  They sent me a Form 1099A which I forgot about and did not include it on my tax return.  When I attempted to e-file, my return was rejected by the IRS.  The reason listed was my deceased wife's name.  I searched my files and found the 1099A.  I tried to enter the data in my return but can not find a way to enter the data.  Please help.

[sheilavaughn]

If 1099 c is not received, should it be entered somewhere?  Or if 1099 C is received in 2021, can the 1099-a for 2020 be used 

[DawnC]

No, if you did not receive a 1099-C, do not enter one.   If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it.   However, hang on to 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.  There are actions that you may need to take regarding tax reporting, but that depends on many other factors.    @sheilavaughn

[lominstr]

Does this apply for 2021 returns, or has there been a change that would require me to file a 1099-A for an abandoned timeshare?

[RobertB4444]

The 1099-A  reports Acquisition of Secured property.  It is used to report foreclosures and things.  Not sure that your time share applies - that should have been reported on a 1099-C - cancellation of debt.  Unless you owned some portion of the building that was used to secure the time share loan.

In your case I would expect a 1099-C to arrive to show the debt cancellation.  

The 1099-A will show a sale that needs to be entered onto schedule D to see if there is a capital gain on the sale of the foreclosed property.  

Here is some TurboTax guidance for your 1099-A.

[cpdash]

I just received a 1099A for a timeshare with Wyndham, that I signed up for when I was drunk before going on a cruise.  By the time the cruise was over it was passed their "date" to cancel, so I have been fighting to get out of it ever since, Feb 2018.

I have never received contract info or any signed paperwork from Wyndham.  I have never used it either.

What and where do I report this 1099A or do I have to report it at all?  I read many things in IRS that says do nothing until you receive a 1099C,  There is nothing I can find that tells me how or where to input a 1099A.  Some say schedule D but where and how?  So frustrated with this whole situation!!  Any help on what I have to do with this 1099A would be greatly appreciated!

[RobertB4444]

@cpdash  You enter a 1099-A the same way as a 1099-B - it's treated as the sale of an asset.  Here are a lot more tips about how to deal with the 1099-A.

[Marciajmtz]

I received a 1099A from a time share I abandoned during my filing for bankruptcy.  How does that affect my IRS tax filing for 2023?

[DianeW777]

It will not affect your taxes.  This was a personal use asset and the abandonment loss is not allowed on the tax return. Keep the document (Form 1099-A) in your tax file should you need to show it.

[Critter-3 · Accepted solution]

The 1099-A is informational to be used if you ever get a 1099-C for the release of the debt on the timeshare.   Hang onto it in case you need it in the future but it is NOT entered on a tax return at this time.