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How to handle a 1099A for a Timeshare property that has been abandoned?

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Level 1
last updated ‎December 07, 2019 5:25 AM

Is this reportable?  Will a 1099C arrive next year?  

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Highlighted
Level 12
last updated ‎December 07, 2019 5:25 AM
A 1099-A is reported as if the property was sold.  If it was a personal-use property and sold at a loss, the loss won't be deductible.

Whether or not a 1099-C comes or not, I don't know.  But the 1099-A does NOT show any cancellation of debt, just that the property was disposed.

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Highlighted
Level 12
last updated ‎December 07, 2019 5:25 AM
A 1099-A is reported as if the property was sold.  If it was a personal-use property and sold at a loss, the loss won't be deductible.

Whether or not a 1099-C comes or not, I don't know.  But the 1099-A does NOT show any cancellation of debt, just that the property was disposed.

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