For original cost, you would use the purchase price of the timeshare/vacation home included any purchasing expenses even though the timeshare/vacation home was financed and not full paid off. Financing will have no effect on determining the capital gain or loss on the sale.
Since you received a
1099-S related to this sale, your will want to report this sale as the sale of
a capital asset. However, if this was a personal use asset, the IRS will not
allow you to recognize the capital loss on this sale.
To enter this as a
capital asset sale in TurboTax, log into your tax return (for TurboTax
Online sign-in, click Here) and type
"investment income (gains and losses)" in the search bar then select
"jump to investment income (gains and losses)". TurboTax will guide
you in entering this information
