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Some questions about Timeshare Closing
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Question: I read this group's history regarding the deuctibility of
the loss on sales of timeshares and I'm seeking updated
advice for the 2004 filing season.
My wife and I sold our deeded timeshare in 2004 at a loss of
$4000. We had used the timeshare personally 4 of the past 6
years; the other two years the timeshare went unused. We
received a 1099-S from the closing company for the gross
proceeds.
Can I deduct this loss under the Sale of Investment "Second
home, land or other real estate (not your main home or
rental)" [I quote the turbotax program]. If not, where and
how do I file the 1099-S?
Answer: If you were personally using it, then the loss isn't deductible.
Comment:
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