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1099 Form for Surrendered Timeshare??

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    #1

    1099 Form for Surrendered Timeshare??

    Hi Guys,

    I received a 1099 for the time share we surrendered in June of last year during our Ch 13. It states the "fair market value" of the property is $5,000.00 and the debt owed was $4,200.00 and change.

    I will admit, I am ignorant when it comes to this, but I am guessing this means I am going to have some kind of tax consequence????? Can someone tell me what I am expecting here? The fair market value for this worthless piece of junk is probably, realistically, less than $500.00, if we could have even got that.

    Please help! Thank you!
    Stopped paying CC Feb, 2010
    Retained Attorney 02/24/2010
    Filed Ch. 13 BK 06/04/2010
    341 Meeting 07/02/2010
    Tags: None
    #2
    Is it a 1099-A or a 1099-C. The following thread was originally a question about a 1099-A, but also discusses 1099-C: http://www.bkforum.com/showthread.ph...t-does-it-Mean

    ETA: To sum it up, if it's a 1099-A, you don't have to worry about it. If it's a 1099-C you need to file Form 982 with your Federal Income Tax Return to show the debt was discharged in bankruptcy, so the "income" reported is not taxable.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment

      #3
      wonderful, you have been a treamendous help. Thank you so much.
      Stopped paying CC Feb, 2010
      Retained Attorney 02/24/2010
      Filed Ch. 13 BK 06/04/2010
      341 Meeting 07/02/2010

      Comment

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