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Should I file both Form 4797 and capital loss Form d? We divested timeshares at a total loss.
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If the timeshares were purely business assets, then you will file Form 4797. If they were for personal use, then you will need Forms 8949 and Schedule D to report the capital loss.
However, if you treated one of the timeshares as a second home and deducted mortgage interest, then you wouldn't claim any capital loss.
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