I am assuming that the 2020 reporting process is the same as I used for the tax year 2019. I entered the sale on Form 8949 “Sales and other dispositions of capital assets” Part II Long-Term. Ck Box F “Long-term transaction not reported to you on Form 1099-B. This 8949 Form is associated with Schedule D. Under column (h) Gain or (loss) I entered “0”. The TS re-sale company did send me a 1099-S and a copy did go to the IRS, hence the reporting requirement.It has no apparent tax consequences with a net of zero. I initially started the process according to the TurboTax instructions for entering 1099-S for the timeshare sale by placing the search term “sold second home“. I answered yes to the question “did you sell any stocks, mutual funds, bonds, OR OTHER INVESTMENTS IN 2019.“ on the screen that said “here’s the info we have for these investment sales“, underneath it said “add more sales“. Then I answered no to the 1099 – B question. Just follow the questions and answer accordingly. In the end, The form 8949 was completed and I believe it is correct. As for the standard Terminology “investment sales”, that’s a misnomer. Anyone that believes that a timeshare is an investment that will ultimately generate a profit upon sale has been thoroughly duped by some timeshare salesman. We did, however, enjoy the heck out of it while we owned it but it was time to move on. If you got even a few bucks from the sale (net of the maintenance fees you were required to pay for the sale year) you were fortunate to have purchased in a desirable location that was not completely overrun with timeshare companies. No extra charge for these unsolicited comments. 😉 R
Disclaimer: I am not a tax attorney nor an accountant. I found some information through the TurboTax software and proceeded as I described it above. I have never been audited in the 20+ years I have used tax software. RS
