DO I report the sale of a timeshare on schedule D?

Forum|Forum|3 years ago
February 14, 2023
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time share sales

TurboTax Premier Online

Best answer by Anonymous_

A sale of a timeshare that was held solely for personal use is the sale of a capital asset which can generate a capital gain but for which there would be no deduction for a capital loss (since it is personal use property).

In TurboTax, you would enter the transaction in the Stocks, Mutual Funds, Bonds, Other subsection of the Investment Income section.

Anonymous_Answer

Employee

In TurboTax, you would enter the transaction in the Stocks, Mutual Funds, Bonds, Other subsection of the Investment Income section.

MayaD

You would report the sale as sale of a second home in TurboTax and it goes on Schedule D.

Your second residence (such as a vacation home) is considered a capital asset Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets to report sales, exchanges, and other dispositions of capital assets. IRS.gov

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