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Deductions & credits
Likewise, I sold a timeshare in mid-2019. The 1099-S 2019 Gross proceeds are in question. The TS was for personal use only so there is no question about taking a deduction. The Standard Deduction covers what we need for a joint filing. The explanation to one person about his sale was a bit confusing for me. Apparently, I have to claim the proceeds from the 1099-S as a real estate transaction but it doesn't qualify as a gain or loss. (Most TS sales are losses and TS's unlike a primary residence wouldn't fall under the lifetime limitation anyway as I understand). I just want to correctly enter the amount in the correct place on TT. The purchase price was far above the sale proceeds, not unexpected. I can't net out as zero as the one explanation indicated, can I???? That's the confusing part. Surely, I can't take a loss on the sale. Super-users, please advise. Ray