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Time shares

cruiser626
Level 1

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

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3 Replies 3
dkh
Level 11

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
Level 15

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

Armpit sniffer. Yup, checked out the help wanted ads and found the job. With my nose, how can I go wrong?
dkh
Level 11

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