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Sale of TimeShare (Secondary Home) Question
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Question: I have a couple of questions about a timeshare sale that I completed in
2002. I received a "Substitute Form 1099 Seller Statement".
1) I did sell the unit at a profit. I then bought a different timeshare
that was more expensive. Similar to when selling your main home, can I take
the exclusion from profit if reinvested in another property?
2) On what tax form do I need to enter the sales/expense/gain info?
Thanks!
Answer: 1.Congratulations on selling at a profit!
The "buy another house" law went away in 1997. And then it only applied to
your principle residence, you had to be over 55, and it was a once in a
lifetime event.
2.Schedule D. Maximum tax is 20% assuming you had it for over one year.
Comment:
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