I have a Client who received a 1099-C . From his time share company.
I need suggestions on how he cah avoid the tax being that the Timeshare co can still resell.
You'll need to complete the cancelled debt worksheets, and if the timeshare was foreclosed upon, you will enter the value of the property. IRS Pub 4681 provides more details on what is included and excluded from income.
https://www.irs.gov/pub/irs-pdf/p4681.pdf
For ProSeries, here is guidance: https://proconnect.intuit.com/community/help-articles/help/1040-completing-the-canceled-debt-workshe...
