☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 14, 2023 9:45:03 AM

DO I report the sale of a timeshare on schedule D?

time share sales

0 2 1385
1 Best answer
Level 15
Feb 14, 2023 9:54:00 AM

A sale of a timeshare that was held solely for personal use is the sale of a capital asset which can generate a capital gain but for which there would be no deduction for a capital loss (since it is personal use property).

 

In TurboTax, you would enter the transaction in the Stocks, Mutual Funds, Bonds, Other subsection of the Investment Income section.

2 Replies
Level 15
Feb 14, 2023 9:54:00 AM

A sale of a timeshare that was held solely for personal use is the sale of a capital asset which can generate a capital gain but for which there would be no deduction for a capital loss (since it is personal use property).

 

In TurboTax, you would enter the transaction in the Stocks, Mutual Funds, Bonds, Other subsection of the Investment Income section.

Expert Alumni
Feb 14, 2023 10:01:42 AM

You would report the sale as sale of a second home in TurboTax and it goes on Schedule D.

Your second residence (such as a vacation home) is considered a capital asset Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets to report sales, exchanges, and other dispositions of capital assets. IRS.gov