RECEIVED FORM 1099A FROM TIME SHARE. WHERE DO i PUT IT IN TURBO TAX?

[152726]

RECEIVED FRM 1099A FROM TIMESHARE.  wHERE DO I PUT IT IN TURBO TAX?

[152726]

WHEN CAN I EXPECT A REPONSE?

[PattiF]

This is generally an informational form and you do not need to enter this in your tax return. If Form 1099-A was issued related to personal property it is not included in your return. This is often issued by a lender that foreclosed on your timeshare. Hang on to this form and keep it with your tax records.

The information on this would be used if you got a 1099-A for business property or investment property like a rental, you would need to consult a tax professional.

[Cynthiad66]

Click here for information on what to do with a Form 1099-A

You can deduct interest on a timeshare if it is deeded and recorded in public records and it meets all the requirements for deducting mortgage interest.

If you rent out the timeshare during the year, you must also use it as a home for more than 14 days or more than 10% of the number of days it is rented. It is considered a vacation rental.