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emscott68
New Member

I received a 1099a form from a resort at which I owned a timeshare. I let it go via Warranty Deed in lieu of foreclosure. Do I need to report anything from this form on my tax return?

 
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Patrice
New Member

I received a 1099a form from a resort at which I owned a timeshare. I let it go via Warranty Deed in lieu of foreclosure. Do I need to report anything from this form on my tax return?

Form 1099-A is often more informational than actionable.   If you received a 1099-A because you have abandoned personal property, such as a car, you don't need to report it in your return.

IMPORTANT: If you received a 1099-A for a business- or investment-related property, such as a rental property or company car, see IRS Publication 544 Sales and Other Disposition of Assets and IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions and Abandonments before continuing.

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

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Patrice
New Member

I received a 1099a form from a resort at which I owned a timeshare. I let it go via Warranty Deed in lieu of foreclosure. Do I need to report anything from this form on my tax return?

Form 1099-A is often more informational than actionable.   If you received a 1099-A because you have abandoned personal property, such as a car, you don't need to report it in your return.

IMPORTANT: If you received a 1099-A for a business- or investment-related property, such as a rental property or company car, see IRS Publication 544 Sales and Other Disposition of Assets and IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions and Abandonments before continuing.

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

View solution in original post

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