I received a 1099A for a timeshare that was included in a bankruptcy. Do I need to include this on my taxes?

Forum|Forum|6 years ago
June 6, 2019
4 replies
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I had a timeshare, that was for personal use only, that we received a 1099A for but it was included in the bankruptcy that we filed in the same year. Does this have to be included on our taxes or not? There are multiple conflicting answers within the community.

If we do have to include it where on the premier turbo tax does it get entered? There is only a place for 1099C and just states to contact IRS publications for further information about the 1099A. I just upgraded turbo tax from deluxe to premier thinking that is what I needed to do to be able to enter the 1099A.

TurboTax Premier Windows

Best answer by PatriciaV

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

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

mdmm45Author

According to the IRS website and publication 4681 it states that we are to complete schedule D and Form 8949, to show a gain or loss, even though a loss is not deductible. Also does it matter if box 5 on the 1099-A is checked? I have read on-line on multiple tax websites that you do have submit these forms, however these comments were mostly older after the housing downfall. I just don't want this to come back and haunt me. Does this still apply as "informational" and we don't have to file these forms? Can you please make sure that this is not reportable?

RiSuDaWe3

I received a 1099A form for a Vacation Ownership interest for which I paid over $18,000 to an organization to terminate my ownership. I stilled owed $49,481.60 to the time share company. They sent me a Form 1099A which I forgot about and did not include it on my tax return. When I attempted to e-file, my return was rejected by the IRS. The reason listed was my deceased wife's name. I searched my files and found the 1099A. I tried to enter the data in my return but can not find a way to enter the data. Please help.

sheilavaughn

If 1099 c is not received, should it be entered somewhere? Or if 1099 C is received in 2021, can the 1099-a for 2020 be used

PatriciaV

Employee

In general, Form 1099-A is informational and is used if and when you receive Form 1099-C to report any gain or loss on the cancellation of debt. Form 1099-A does not include the amount of debt that was cancelled. So you need the information on Form 1099-C in order to report the transaction. For this reason, TurboTax does not support any entries for Form 1099-A by itself.
If you are still concerned about what and how to report this transaction, we recommend contacting a local tax professional who may be more familiar with your complete financial situation.

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PatriciaVAnswer

Employee

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

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

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lominstr

Does this apply for 2021 returns, or has there been a change that would require me to file a 1099-A for an abandoned timeshare?

RobertB4444

The 1099-A reports Acquisition of Secured property. It is used to report foreclosures and things. Not sure that your time share applies - that should have been reported on a 1099-C - cancellation of debt. Unless you owned some portion of the building that was used to secure the time share loan.

In your case I would expect a 1099-C to arrive to show the debt cancellation.

The 1099-A will show a sale that needs to be entered onto schedule D to see if there is a capital gain on the sale of the foreclosed property.

Here is some TurboTax guidance for your 1099-A.

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Marciajmtz

I received a 1099A from a time share I abandoned during my filing for bankruptcy. How does that affect my IRS tax filing for 2023?

DianeW777

It will not affect your taxes. This was a personal use asset and the abandonment loss is not allowed on the tax return. Keep the document (Form 1099-A) in your tax file should you need to show it.

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Critter-3

The 1099-A is informational to be used if you ever get a 1099-C for the release of the debt on the timeshare. Hang onto it in case you need it in the future but it is NOT entered on a tax return at this time.