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Sale of timeshare due to bankruptcy

Discussion in 'Buying, Selling & Renting Timeshares' started by Mixedupmo, Jan 11, 2019.

  1. Mixedupmo

    Mixedupmo Guest

    Joined:
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    Resorts Owned:
    Harbor Hill at Provincetown
    Scottsdale pinacle
    After two years in courts the sale of Harbor Hill in Provincetown, MA has been completed. Due to criminals running the place it went bankrupt.
    We originally paid $11,000 for our week. After the sale our payout was $3,900. I know we can't write off a loss. Do we have to pay federal taxes as misc income for the $3900?
    Thanks for your help!
     
  2. SandyPGravel

    SandyPGravel Guest

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    I have no idea, but I sure hope not. Whether or not you can claim as loss, you certainly didn't "make" money on the deal. Good luck!
     
  3. tschwa2

    tschwa2 Tug Review Crew: Rookie TUG Member

    Joined:
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    Location:
    Maryland
    Resorts Owned:
    A few in SC, VA and FL, a single resort in NC, MD, PA, NY, UT, ME, WI, and TN plus Jamaica and the Bahamas
    Not a tax lawyer but I would think not. If you paid $1 resale and then were given a payout of $3900 then probably. But since you paid more than the payout, I don't see how you could owe taxes on it.
     
  4. DrQ

    DrQ TUG Member

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    Resorts Owned:
    HICV, Westgate (second cousin, twice removed), Inverness by the Sea
    Do you have documentation of your purchase price in case the issue you a 1099?
     
  5. SmithOp

    SmithOp TUG Member

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    HGVC King's Land 2BR Premier 14.4K Points.
    dmurray007 likes this.
  6. Mixedupmo

    Mixedupmo Guest

    Joined:
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    Resorts Owned:
    Harbor Hill at Provincetown
    Scottsdale pinacle
    Yes...I have the original purchase paperwork.
     
    DrQ likes this.

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