Question

I sold a timeshare contract and took a loss on the sale. How do I report that?

Forum|Forum|4 years ago
February 15, 2022
1 reply
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I bought the timeshare as a deeded property from Wyndham in 2014 and was paid 20% of the amountthat I paid for it.

TurboTax Premier Online

If you used the Timeshare for personal use, you cannot deduct a personal loss on your income tax return.

Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain and reported on your income tax return.

Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.

To enter property held for personal use see Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?

If you used the Timeshare for Rental purposes, you may be able to deduct the loss. See Where do I enter income and expenses from a rental property?

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