Question

I sold a timeshare and received a 1099-s

Forum|Forum|3 years ago
February 26, 2023
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Sold a timeshare for 18000 and received a 1099-s

TurboTax Free Edition Online

You would enter this in your tax return using TurboTax Premier. The sale of a timeshare would be considered a second home.

Open or continue your return
In the search box, search for sold second home and select the Jump to the link
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
- If you land on the Your investment sales summary screen, select Add More Sales
On the OK, let's start with one investment type screen, select Other, then Continue
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale

The drop-down boxes can be filled out with the details of the timeshare sale

Description - Timeshare address
Date sold - on 1099-S
Date acquired - from your records
Sale proceeds - on 1099-S
Cost basis - initial purchase price plus expenses of the sale such as closing costs.

Indicate if you ever used the property for business or as a rental. You are not able to take the loss on the sale if it was used for personal reasons.

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B

Bluheavn1

How is a loss handled?

M

MonikaK1

If you sold a vacation timeshare at a loss, and you had personal use of the property, the loss would not be deductible. If you didn't receive a Form 1099 reporting a sale of personal property at a loss, you don't need to report it on your return.

If you received a Form 1099, you can report it on your return as the sale of a capital asset. (Again, losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible)

To enter this transaction in TurboTax Online or Desktop, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” if you have already worked on this section) (see Screenshot #1)
The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Choose type of investment you sold - select Second Home
Some basic information:
1. Description – Usually the basic timeshare information
2. Sales Proceeds – Net proceeds from the sale
3. Date Sold – Date you sold the property