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I received Form 1099-A reflecting 46,411 in box 2 and 55,155
I received Form 1099-A reflecting 46,411 in box 2 and 55,155 in box 4. This property was a timeshare with a purchase price of 47,000. I was personally liable for the repayment of the debt, but I aband… read more
Rick
Rick
MBA
3,040 satisfied customers
I had 4 deeded timeshares that I just deeded back to the
I had 4 deeded timeshares that I just deeded back to the timeshare company with no monetary benefit to me. Since these were deeded properties can I claim losses for the disposition? … read more
Rick
Rick
MBA
3,040 satisfied customers
I'm closing out an S-corp and the balance sheet in the final
I'm closing out an S-corp and the balance sheet in the final year is off by the amount of the negative retained earnings generated on Schedule M-2 and carried over to Schedule L.The basic situation is… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,921 satisfied customers
How will my K-1 look (see attached): i. Part III, Line 1?
How will my K-1 look (see attached):i. Part III, Line 1? Will my Ordinary business loss be:-$52k (my share of the total restaurant loss in 2018)?OR, -$12k (the net of my beginning capital and my share… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
46,857 satisfied customers
I received a 1099-S from Marriott Resorts Title Co Inc. I
I received a 1099-S from Marriott Resorts Title Co Inc. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,197 satisfied customers
I receive 12 K-1's per year for LLC businesses I own
I receive 12 K-1's per year for LLC businesses I own anywhere from 2% - 47.5% of ownership (various slivers of ownership in franchised Hilton and Marriott hotels. My blended 1040 income from all sourc… read more
Carter McBride
Carter McBride
LLM
5,045 satisfied customers
I have a Marriott timeshare paid in full and I am in good
I have a Marriott timeshare paid in full and I am in good standing with the annual maintenance fees. Due to family circumstances we've, with the help of a local lawyer, been able to have Marriott agree to a deedback with permission. My question pertains to any related tax laws. Since I probably won't get any $ for it ,would I be able to count it as a loss ? Or should just go on my merry way and be thankful I will no longer be obligated in the future. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
46,857 satisfied customers
I purchased a timeshare in 1995 for $8900. Last year I
I purchased a timeshare in 1995 for $8900. Last year I deeded the timeshare back to Marriott from whom I purchased it with no money changing hands. Can I claim a loss and if so how much?. … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,921 satisfied customers
We live in Minnesota, we owned a Timeshare from Marriott in
We live in Minnesota, we owned a Timeshare from Marriott in Palm Springs Ca. We sold this Timeshare back to Marriott in 2016. We sold it for about $5,000 less than the purchase price (purchased back i… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
I am a real estate broker in California. I have a client who
I am a real estate broker in California. I have a client who purchased her primary residence in 1989 for $600k. She divorced her first husband in 1988 (he died in 2000). She married her second husband… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,197 satisfied customers
How can the timeshare I returned to Marriott have no FMV listed
How can the timeshare I returned to Marriott have no FMV listed in box 7 of Form 1099-C. I understand the Discharged Debt being income. But they certainly resold my TimeShare. It is worth $26,000 plus… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
I sold two time shares in Aruba in 2012 at losses. I received
I sold two time shares in Aruba in 2012 at losses. I received a 1099s for each timeshare by Marriott in Lakeland Texas can I deduct the loss on my taxes and if so what form do I use?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
46,857 satisfied customers
I am an Idaho resident. My brother and and I own an S-corp
I am an Idaho resident. My brother and and I own an S-corp incorporated in California that owns stock in 5 different companies that are all outside of California, so no income comes from California. W… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
My husband earned $3000 on the sale of a timeshare. However,
My husband earned $3000 on the sale of a timeshare. However, that amount was less than was actually paid for it. As I understand it, the $3000 is considered a capital gain. Is that correct? Can I dedu… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
i purchased a timeshare in the bahamas in 2005. I want to
i purchased a timeshare in the bahamas in 2005. I want to sell it and will probably lose $40,000. Can I write off the loss? what form would i use?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
46,857 satisfied customers
Hi Sir, I bought a time share in South Lee, Ma, @ SilverLeafResorts
Hi Sir, I bought a time share in South Lee, Ma, @ SilverLeafResorts with a tag of 12,000. and I pay 70 dollers a month for maintenance It's pretty usless to us now. we can not sell it even with 2,000 … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I AM REVIEWING IRS FORM 8582 on my 2007 Income Tax Return.
I AM REVIEWING IRS FORM 8582 on my 2007 Income Tax Return. Concerning the losses I have on a condo rental property: I DON'T UNDERSTAND WHERE THE TAX PREPARER GOT THE "UNALLOWED LOSS" FROM A RENTAL CON… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I was the victim of a Mexican timeshare scam. I signed a ...
I was the victim of a Mexican timeshare scam. I signed a contract to buy some weeks, then realized that it was a scam, but stil lost a $9510 deposit that I made on the contract to purchase. How can I … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
46,857 satisfied customers
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