No, you cannot deduct the loss on the sale if it was a personal-use timeshare, unfortunately. Timeshares are considered personal assets and losses are not allowed. You don't have to report the timeshare sale unless you received form 1099-S for the sale.
Time share sale data entry:
-
Federal
Taxes
- Wages and Income
- Scroll down to Investment
Income
- Select Stocks, Mutual Funds, bonds, Other
- Indicate
that 1099-B/brokerage statement was not received for the sale, continue through
the interview.
- On the
screen Choose the type of investment you
sold, select Second Home -
you will be asked to enter the net proceeds, the date of sale, how you
acquired the property and then the cost basis of the home (original cost
and improvements).
