Taxes and timeshare cancellation
In conjunction with the timeshare cancellation that we may obtain on your behalf, there is the possibility that you will receive a form 1099c from the timeshare developer reflecting cancellation of debt which entitles them to a tax deduction. To a corresponding extent, this also causes the imputation of income for debt ‘forgiveness’ on your tax account. However, there exist certain exceptions to this principal which could result in an exclusion. You should speak with a qualified tax consultant in order to find out if you qualify.