No. The sale of a timeshare is reported on Schedule D. You will treat this as the sale of a capital asset. (However, Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible)
To report the sale:
- Select Federal from the list on the left-hand side of the screen.
- Select the Income & Expense tab at the top of the screen.
- Scroll down to the Investment Income and click Show More and then click on Stocks, Cryptocurrency, . . .
- Click Start
- Answer the questions.
- The acquisition date is the date you purchased the timeshare.
- The Sale Date is the date you deeded back to the Timeshare managing company.
- The proceeds would be $2,000 less the $250.
- The cost would be $11,000.
This does create a loss. A loss on the Timeshare is not reported on the return. If there is a gain, the gain is reported on your return.
Timeshare
