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- Sale of a timeshare (interest)
Sale of a timeshare (interest)
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11Buster
Level 4
05-06-2020
04:54 PM
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Hello,
I have a client who came to me last year with a timeshare interest/rental (he has had since 2002) in which he says he never used personally. He has now sold it in 2019, and I notice depreciation has never been taken (for whatever reason). My concern is what he thinks is a large ordinary loss, may result in a very small loss, if not a gain due to the principle of allowed/allowable deprecation and phantom recapture. What are your thoughts? Thanks.
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1 Comment 1
BobKamman
Level 15
05-06-2020
04:59 PM
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Dumb: Buying a timeshare.
Dumber: Thinking you could take a loss when you get rid of it.
(Well, OK, I have seen rare timeshare deals that were worthwhile for personal use, but the fact here is that he had years of personal enjoyment from knowing that it was there if he ever wanted to use it.)
