Timeshare 1099 c

[srl57]

I'm still uncertain regarding the cancellation of debt on our timeshare.  On some things I read it says if this is a second home the amount on the 1099-C should be reported.  But when is your timeshare considered a second home?  The timeshare was purchased and we received one week per year along with 51 other owners.  

[MarilynG1]

Anything other than your 'primary residence' is considered a 'second home'.  When reporting a 1099-C, you may qualify for an exclusion of tax on the cancelled debt. 

Here's detailed info on Reporting a 1099-C for Timeshare Cancellation of Debt.

@srl57 

Edited 3/30/2023 | 10:34 am