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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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I received a 1099A from Wyndham Vacation Resorts. We had been

Customer Question

I received a 1099A from Wyndham Vacation Resorts. We had been part of a legal suit against Wyndham. They had agreed that we could "walk away" from our timeshare and anything that we owed to them. Do I have to claim this on my Federal return?
Submitted: 11 months ago.
Category: Tax
Expert:  emc011075 replied 11 months ago.
Hi. My name is ***** ***** I will be happy to help you. 1099A only means transfer of ownership. You may need to report the sale depending on circumstances. First you will need to figure out if you had gain or loss. Fair market value listed on 1099a will be your selling price. If you purchase price plus investments was more than that, you have a loss.Now, what was the condo used for? Primary residence, second home, rental?