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Timeshare Sales on Turbotax Premier?

lizfox

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I'm finishing my taxes (yes I'm doing this early since I'm receiving a refund) and I need to enter the sale of two timeshares. I'm using Turbotax Premier and I received form 1099-A. However, I can't find a place to enter these sales. The closest category is "Sale of Main Home" but this doesn't fit so I don't know where to enter it!

Thanks for your help!
 

Jason245

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I'm finishing my taxes (yes I'm doing this early since I'm receiving a refund) and I need to enter the sale of two timeshares. I'm using Turbotax Premier and I received form 1099-A. However, I can't find a place to enter these sales. The closest category is "Sale of Main Home" but this doesn't fit so I don't know where to enter it!

Thanks for your help!

If you paid for the ability to speak to a tax professional, I would use that service. If not, I would consider paying for it. Advise received on the internet is worth nothing when it comes to an IRS audit.
 

Saintsfanfl

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I'm finishing my taxes (yes I'm doing this early since I'm receiving a refund) and I need to enter the sale of two timeshares. I'm using Turbotax Premier and I received form 1099-A. However, I can't find a place to enter these sales. The closest category is "Sale of Main Home" but this doesn't fit so I don't know where to enter it!

Thanks for your help!

Unless it's business or rental property it's considered a second home and actually belongs under investments. Turbotax is going to want you to enter info for a 1099-B but you have to click that you don't have it. Then you enter the dollar amounts and info from the 1099-S.

One would think Turbotax would account for either a 1099-B or 1099-S in the questions but for whatever reason it doesn't. It makes it confusing and the user will think they are in the wrong place.

This isn't tax advice, this is just instruction on which area the sale belongs in Turbotax. Tax advice would be how to account for the cost of the investment.
 
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saabman

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Sale of timeshare info should come on form 1099-S. For answers use the help function in TT. Do a search and it'll take you to their forum. You'll find company there.
 

lizfox

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I just realized I made an error on the information in this posting! I have form 1099-S NOT a form 1099-A as I originally listed.
 

Saintsfanfl

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Me too. I couldn't remember and was just going off what you posted. Just replace 1099-A with 1099-S in my post above. Everything else applies.
 

Saintsfanfl

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I'm not convinced Turbo Tax is programmed to handle it properly in every situation. For example, I think turbo tax might deduct a loss even if it does not qualify. One may have to go into the forms view to correct it.
 

DAman

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I'm not convinced Turbo Tax is programmed to handle it properly in every situation. For example, I think turbo tax might deduct a loss even if it does not qualify. One may have to go into the forms view to correct it.

I received a 1099 for a TS rental and was able to properly enter it into Turbo Tax. With expenses and depreciation it was a loss of approximately $30. TT did not deduct the loss-which was correct. It was a PITA to figure out how to do it and I always worry that TT will not handle the situation correctly leading to an audit. In the end it was done correctly.
 

Saintsfanfl

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I received a 1099 for a TS rental and was able to properly enter it into Turbo Tax. With expenses and depreciation it was a loss of approximately $30. TT did not deduct the loss-which was correct. It was a PITA to figure out how to do it and I always worry that TT will not handle the situation correctly leading to an audit. In the end it was done correctly.

On a sale I don't think Turbo Tax differentiates between a normal investment loss and personal use property, but perhaps it does and I missed it. I had gains on all four of my timeshare sales for 2014, two short term, and two capital. I will look this evening and adjust it to a loss and see what happens. Some of my sales, like the short terms, are not personal use and I think can be deductible losses but I am curious on whether it questions the difference.
 
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