I received a form 1099A for a timeshare foreclosure. How do i use turbotax to enter the info? Or do i need to enter any info. Is this a reportable tax event?

Answer

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

You may get Form 1099-A (Acquisition or Abandonment of Secured Property) if your lender foreclosed on your mortgage or repossessed property as a result of a defaulted loan.

If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it. However, hang onto 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.

 

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