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Retirement tax questions
A timeshare or vacation home is considered a personal capital asset and the sale is reported on Schedule D Capital Gains or Losses. A gain on such a sale is reportable income. If you incurred a loss on the sale, the IRS doesn't allow you to deduct the loss. Knowing what I know about timeshares, I am assuming it will be a loss though I am hoping that it is a gain. If you have had the timeshare for more then a year then it would be a long-term capital gain. If less then a year then it would be a short-term capital gain.
Thanks again for the question @Sedutra
All the best,
Marc
Employee Tax Expert
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‎June 26, 2024
12:14 PM