Should I file both Form 4797 and capital loss Form d? We divested timeshares at a total loss.

[Anonymous · Accepted solution]

If the timeshares were purely business assets, then you will file Form 4797.  If they were for personal use, then you will need Forms 8949 and Schedule D to report the capital loss.

However, if you treated one of the timeshares as a second home and deducted mortgage interest, then you wouldn't claim any capital loss.