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March 14, 2023

Time shares are a personal expense and are not tax deductible if you bought one, unless you are itemizing your return.  If you are, then you can claim property taxes and possibly mortgage interest you paid. You would do this by selecting 

  • Deductions and Credits
  • Show More next to Your Home
  • Start next to Property Taxes
  • then after you enter the property taxes select start next to Mortgage Interest directly above the property taxes

 

If you sold your time share you would enter the sale by selecting the following:

  • Federal
  • Income
  • Show More next to Investment Income
  • Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
  • Select Other
  • Continue through and select Other again for the type of investment
  • Answer how you obtained the items you sold
  • You will need to enter the selling price, dates and the cost basis of the items

 

 

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