Question

form 1099-S to enter sale of timeshare back to Marriott

Forum|Forum|5 years ago
March 23, 2021
1 reply
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I received a 1099-S from Marriott for selling/giving back my 1 week timeshare. I can't find the 1099-S form in my Premier edition of Turbotax tyo enter the information. Is there one or do I need to upgrade?

RayW7

Yes Premier should be able to handle a 1099-S.

You will treat this as the sale of a capital asset. (However, Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible)

If you received a 1099-S for this transaction, you will enter it as the sale of a capital asset. Just make sure that you report the basis equal to the amount being reported as proceeds from the sale so that the two amounts cancel each other out (resulting in zero "0" capital gain or loss on the sale)

This is entered in the investment section of TurboTax. Follow these instructions:

In TurboTax, search for this exact phrase: sold second home.
In the search results, click Jump to sold second home, which should be at the top of your search results.
Answer Yes on the Did You Sell Any Investments? screen.
- If you get the Summary of All Accounts screen instead, click Add Another Account.
Follow the on-screen instructions to completion.

-follow this link for additional information-

A Closer Look at IRS Form 1099 - TurboTax Tax Tips & Videos

L

larsonwtl1Author

I entered "sold second home" in search, the results didn't include "sold second home".

ColeenD3

Please see this answer from Irene2805. Refer to this LINK for the screenshots.

TurboTax Online

Click on Federal > Wages & Income
In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX? Click the Yes box.
On the screen, OK, what type of investments did you sell? mark the Other box and click Continue.
When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale. You will be able to select the type of investment in the first box [second home, land, etc.] [See Screenshot #1 below.]
Enter the requested information and click Continue when done.

TurboTax CD/Download

On the Wages & Income screen, in the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX? Click the Yes box.
On the screen, Did you get a 1099-B or brokerage statement... click the No box.
On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
Enter the information in the boxes that appear. You will have to type in Second Home in box 1a.
Enter the total sales proceeds as well as the other information requested. [Screenshot #2]
Continue to the screen, Select any less common adjustments that apply.
Mark the first box The reported sales price did not deduct all fees or selling expenses. [Screenshot #3]
Enter the sales expenses not deducted from the sales price entered earlier.