Yes, you should report it. If you have a capital loss, you can use that against any capital gains you have, or carry it forward to offset future capital gains. Or you can carry the loss back up to three years to use against capital gains from previous years. To enter the sale of a property in TurboTax Online: Click on the find icon at the top-right corner of the page. Type "cap" in the search bar, select "Capital Gains and Capital Gains Deduction Profile" from the list and click " Go". On the page titled "Your Capital Gains Profile for 2021", select "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Click "Continue".

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rockdr-21

Question

Should we report sale of a timeshare in 2021. Historic costs exceed income from the sale. report it?

Forum|Forum|3 years ago
April 27, 2022
1 reply
0 views

No text available

TurboTaxSusan

Yes, you should report it. If you have a capital loss, you can use that against any capital gains you have, or carry it forward to offset future capital gains. Or you can carry the loss back up to three years to use against capital gains from previous years.

To enter the sale of a property in TurboTax Online:

Click on the find icon at the top-right corner of the page.
Type "cap" in the search bar, select "Capital Gains and Capital Gains Deduction Profile" from the list and click " Go".
On the page titled "Your Capital Gains Profile for 2021", select "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report". Click "Continue".