Selling Timeshare [tax write-off]

[hmhhjh02]

We recently sold our timeshare (unfortunately, we didn't know about TUG) and of course paid an upfront fee to do so. We also received a 1099-S tax form this year for this sale. We have taxable income on the entire purchase price, including the company's commission. Does anybody know how this works on our taxes? Can we deduct the loss, the commmssion, the fees to the company, etc. and what tax forms do we need to use.

Thanks,
Diana

 

[DeniseM]

You will not get to deduct the loss. Click on Advice in the red bar at the top of the page, and look for the Tax Article. Many of the upfront fee companies tell you that there is a tax write-off, but that's just part of the bogus sales presentation.

 

[Gophesjo]

Depending on what the OP paid for the TS when they bought it it seems that they should be able to deduct a capital loss. I have not, however, read the tax article, and will do so.

 

[TUGBrian]

http://www.tug2.net/timeshare_advice/TUG_Taxes_and_Timeshares.html

 

[DeniseM]

Depending on what the OP paid for the TS when they bought it it seems that they should be able to deduct a capital loss. I have not, however, read the tax article, and will do so.

Unfortunately, you cannot.