I sold two time share ownerships I held last year and after closing recieved two forms 1099-S. Each only shows the name of the property and the gross -- NOT net proceeds.
I followed the instructions I found on Turbotax to report these as sales of personal capital assets in the income section of my return. When I did that, Turbotax told me to input the net-- NOT gross proceeds (I had the net figure, which was on the closing memo I received after the sale) as well as the basis and date of original purchases of the ownerships. Turbotax then calculated my capital gains (yes, GAINS - which I had on both sales).
What I am concerned about now is other (and contradictory) information I have read in discussions here on the proper way to report a time share sale. Some are saying I should have inputted gross proceeds (even though is NOT what Turbotax instructed me to do) and then inputted the same figure into basis. And yet other information I found stated Turbotax would allow me to input sales expenses for the sales of those contracts, which would clarify when the return was processed why the net proceeds figure I provided was less than the gross proceeds figure on the form 1099-S. But I have not been able to find any section of Turbotax that allows me to input the sales expenses for these two transactions.
Bottom line: what is the proper to report a time share sale in Turbotax?
