time share sales

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  • #5120
    jon
    Participant

    purchase time share in 1998 for 38k.
    sold it 2019 for 8k

    1.can I report the loss on my taxes? if so how,
    cost basis method?(schudule D),
    2. or doesn’t require reporting.

    #5121
    Kaye Thomas
    Moderator

    Did you personally use this timeshare? No deduction is allowed for a loss on property bought for personal use. Unless this timeshare was bought exclusively as a rental, the loss is nondeductible.

    #5124
    jon
    Participant

    thank you for your reply.
    yes, the timeshare was used for personal reasons, vacations,travel and NOT for rental or commercial purposes.
    so if no deduction is allowed for the loss, is it reportable?

    thnx

    #5130
    Kaye Thomas
    Moderator

    You may receive Form 1099-S related to this sale. If so, you need to report the sale, showing the loss as nondeductible with code L on Form 8949.

    #5131
    jon
    Participant

    thanks, again.

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