This article provides an answer to the question of whether timeshare debt cancellation is subject to taxation. The answer is yes – when a timeshare debt is cancelled, the IRS views it as income that must be reported on a tax return. However, there are some exceptions that may provide tax relief.
This article examines the impact of the new Tax Cuts and Jobs Act on timeshare owners and those who have cancelled their timeshares. Specifically, it examines how the new law affects the cancellation of debt from timeshares, which was previously taxable income. The answer is yes; cancellation of debt from timeshares is still considered taxable […]
This article discusses whether attorney fees related to timeshare cancellation can be deducted. The answer is yes, as long as the fees are associated with the cancellation of a timeshare contract. Attorney fees and other costs associated with timeshare cancellation are typically tax deductible, provided they are properly documented.
This article outlines the process of how to properly report a timeshare cancellation to the Internal Revenue Service (IRS). It discusses what documents are necessary to submit to the IRS, and provides instructions on how to calculate the capital gain or loss from the sale of the timeshare. The answer to the question is yes, […]