www.timeshareinfo.homestead.com Before you buy a timeshare and spend a fortune take a look at this alternative and save yourself a fortune.USresidents call tel 352-533-2755 UK residents call 0759-551-8550
tax info on 1099A for aboudonment of secured property?
I abandon a timeshare that I had a mortgage on. The timeshare company had me sign off on deed and forgave the mortgage. the balance of principle outstanding was 11302.32. I was told I have to show this as income. The timeshare sells for double that. I feel I lost money. Do I have to show this as income on my taxes
On your 1099A, it will show the debt outstanding and the fmv of the timeshare.
If the FMV is greater than the debt shown on the 1099-A, you “sold” the timeshare back for the remaining debt. Your report this sale on the 1040 schedule D (any loss is non-deductible) and you would no have “cancellation of debt income.”
If the FMV shown on the form is LESS than the debt remaining and the form says yes, you were liable, then the difference is cancellation of debt income and goes on line 21 of the 1040. (There is an exception if you are in either bankruptcy or are insolvent.)
If it would have sold for double what you owed, *YOU* should have sold it and pocketed the difference.
sell-your-timeshare.info – Learn how to sell your timeshare for cash fast and easy. Avoid timeshare scams by finding out what you need to know about having a safe transaction for both the buyer and seller
Where can owners of timeshares sell there unit?
This is a 1bd lba sleeps 4 unit in San Francisco, Ca. 1wk per yr Float (anytime of the yr) also rci worldwide
You could have some luck with your local paper, maybe even a classifieds paper. Also try selling it on e-bay, I’ve seen them there. Good luck!
BBB’s Alan Bligh talks about avoiding timeshare scams and new rules applying to work-at-home opportunities. KIII-TV Corpus Christi (3/13/12)