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I received a 1099A from Wyndham Vacation Resorts. We had been

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I received a 1099A from...
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: 1 year ago.Category: Tax
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Answered in 45 minutes by:
4/17/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,236
Experience: IRS licensed Enrolled Agent and tax instructor
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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?
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