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I receive a 1099-A form from my time share. the property

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hello. i receive a 1099-A...
hello. i receive a 1099-A form from my time share. the property was taken back there was no loss or gain. i file my own taxes i just want to make sure of how to fill this form out
JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?
Customer: no that was it
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Submitted: 1 year ago.Category: Tax
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Answered in 4 minutes by:
4/11/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,867
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,...A foreclosure, short sale and deed in lieu are all treated as a sale they call it a "deemed sale")...Gain or loss on this "transaction" is calculated by using your purchase price as basis and the lower of fair market price or outstanding mortgage as the "sales" price....SO, if if you have software such as turbotax you'll just report thus as a sale where the sales price is lower of fair market or outstanding loan and the your purchase price is your actual purchase price ... this will generate a losss,...But because time shares are labeled as personal use property, there's be no tax deduction ( BUT no taxable gain either)
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