marctu
Employee Tax Expert

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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