@bdiicmm sorry, but for federal and state purposes you're not allowed to deduct a loss on sale of a personal use timeshare.
If you’ve experienced a loss on the sale of a timeshare in Hawaii in 2023, here’s how you can handle it for your state taxes:
Report the Sale: Even if you incurred a loss, you should still report the sale on your tax return. Show the gross proceeds from the sale on Schedule D, as reflected on Form 1099.
Offset the Loss: While the loss itself may not be deductible, you can offset the proceeds with an amount that brings the net gain/loss to zero. Essentially, you’ll show the sale but adjust the numbers to account for the loss.
note that if you take a federal deduction for the Hawaii state taxes in 2023, when you receive the refund in 2024, some or all may be taxable.
