Selling at a loss

[Kauai Kid]

Is there any way to claim a loss on your taxes when you sell the Point at Poipu timeshare for less than you paid for it?


Thanks,

Sterling

 

[AwayWeGo]

No.

Is there any way to claim a loss on your taxes when you sell the Point at Poipu timeshare for less than you paid for it?

Only if it was Property Held For The Production Of Income, which it was not.

If anybody tried claiming that kind of loss on a timeshare, the IRS would be all over them like ugly on an ape.

So it goes.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DeniseM]

Nope - see the tax article on the TUG Advice Page.

 

[hipslo]

Rent it out (or try to rent it out) for a couple of years first, dont use it yourself, report the rental business on your tax return, and then if you sell it for a loss, you may be able to deduct the loss. However, the loss would be measured with reference to the value of the timeshare when its use was converted from personal use to business use, so unless it were to further decline in value, there would be no loss to deduct.

 

[Kauai Kid]

Shucks: Still looks like Mitt will beat me on the percentage of income that goes to taxes. :hysterical:


Sterling