Timeshare cancellation of debt

sandeja1 · Feb 4, 2020 8:19:03 PM

I cancelled a Disney time share and received a 1099-c "Cancellation of Debt" for 2019. The amount of debt "discharged" is approximately $15k. I did not receive any money/income from Disney as a part of the discharge. Do I have to pay income tax on the $15k that Disney has "cancelled" even though I did not receive any of it? It was not a "residence" that I know of. Only a timeshare. The cancellation was done by a third-party company of my behalf.

I had a Hilton Timeshare and used Timeshare Debt Release in nashville. They were amazing. I received a 1099 for the forgiveness of dent. They have a accountant on staff that told me to file a 982. It saved me from paying taxes on 62k.

This is another reason it's worth having a Timeshare Cancellation Firm that is full service

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Hi Helen,

Can I ask which boxes you checked on the 982?
I have seen many recommendations that this is the form to use, however, none of the options seem to fit. Thank you!