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C
cruiser626
Level 3
February 21, 2021
Question

Time shares

  • February 21, 2021
  • 3 replies
  • 36 views

How is the sale of a vacation time share treated.  The taxpayer had a loss in the sale.

This topic has been closed for replies.

3 replies

dkh
dkh
Level 15
February 21, 2021

Here is one answer I found when I Googled " how to report sale of timeshare on tax return"..... 

Is loss on sale of timeshare tax deductible?
Because the IRS classifies a timeshare as a personal use property, when you sell it at a loss you cannot deduct the loss. However, if you sell it for a profit, you have to report the profit. In fact, you will receive a 1099 form that reports your sale proceeds to you and to the IRS.
 
of course, I'd do some more research at irs.gov rather than take that as gospel
    IRonMaN
    IRonMaN
    Level 15
    February 21, 2021

    What do you mean Googled?  How do I find that?

    Slava Ukraini!
      dkh
      dkh
      Level 15
      February 21, 2021

      I had my 12yr old grandson help me..🤣😂😂

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