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Mike06
Level 1
April 9, 2020

1099-C Cancelled Debts about Timeshares

  • April 9, 2020
  • 1 reply
  • 5 views

I have a Client who received a 1099-C .  From his time share company.

I need suggestions on how he cah avoid the tax being that the Timeshare co can still resell.

    This topic has been closed for replies.

    1 reply

    IntuitJim
    IntuitJim
    Level 5
    April 9, 2020

    You'll need to complete the cancelled debt worksheets, and if the timeshare was foreclosed upon, you will enter the value of the property. IRS Pub 4681 provides more details on what is included and excluded from income. 

    https://www.irs.gov/pub/irs-pdf/p4681.pdf

     

    For ProSeries, here is guidance: https://proconnect.intuit.com/community/help-articles/help/1040-completing-the-canceled-debt-worksheet/01/4381#M1073

     

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