Deductions & credits

A deeded timeshare is considered Real Estate and you will report the it as a capital sale on your tax return.  You will have to amend your 2021 tax return to report the sale of your timeshare.  This TurboTax link How to amend (change or correct) a return you've already filed  will guide you in filing an amended return

To report the sale of your timeshare in TurboTax follow these steps: 

1. Open or continue your return
2. In the search box, enter sold second home 
3. Click on Jump to sold second home in the results box
4. On the page Did you sell any of these investments in 2021?  Answer yes
5. On the page OK, let's start with one investment type check the Box for other
6. On the page Tell us more about this sale enter “sale of timeshare” in the Name box
7. Answer all the questions on the page Now, enter one sale for sale of timeshare Enter the amount in Box 3 Form 1099-MISC in the Proceeds box and your basis in the Total amount paid box
8. On the page Let us know if any of these situations apply to this sale check the box you paid expenses and enter your sale expenses
9. Continue to the page Your investment sales summary where you will see your Total gain if any on the sale of your second home.

A timeshare that is not used for investments purposes is personal use of a capital asset. A gain on the sale is reportable income, but a loss is NOT deductible

This link Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes? has information you may find useful.

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