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We have a Deed in Lieu of Foreclosure from a Wyndham Timeshare

Customer Question
we still owed $57,000 on...
We have a Deed in Lieu of Foreclosure from a Wyndham Timeshare we still owed $57,000 on. I understand we will be receiving a 1099A tax form. My husband and I are both retired, over 60 and we want to know what to expect tax-wise on this. Is $57,000 considered INCOME to us this year???
Thank you.
Submitted: 6 years ago.Category: Tax
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11/15/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,803
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Good afternoon. First, the 1099-A is simply an informational notice given when you have walked away from a property secured by debt. It is not necessary to include any amounts on the 1099-A on your tax return. It has not been forgiven, so it's not income to you yet. Only when you get issued a 1099-C would it indicate the debt had been forgiven and then it would be forgiveness of indebtedness resulting income. And, then the forgiveness amount that is income is only the excess of the amount forgiven less the value of the property being given up. BotXXXXX XXXXXne, you need do nothing with the amounts on 1099-A.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
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Tax Professional: Richard, Tax Attorney replied 6 years ago
Good afternoon. First, the 1099-A is simply an informational notice given when you have walked away from a property secured by debt. It is not necessary to include any amounts on the 1099-A on your tax return. It has not been forgiven, so it's not income to you yet. Only when you get issued a 1099-C would it indicate the debt had been forgiven and then it would be forgiveness of indebtedness resulting income. And, then the forgiveness amount that is income is only the excess of the amount forgiven less the value of the property being given up. BotXXXXX XXXXXne, you need do nothing with the amounts on 1099-A.

 

 

I hope this has given you information that has been helpful to you. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

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