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It depends. If you used this timeshare as a second home and you rented it less than 15 days during the year, the loss would be considered a non-deductible personal loss.
If you rented it out for greater than 15 days during the year, you could treat the sale as the sale of investment property and report it on your return under the Investment Income area of Wages & Income.
TurboTax will determine if you had a gain or a loss on this investment and determine if it was short- or long-term. If you have other capital gains, a loss will offset some or all of the gains. Otherwise, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income). If the sale resulted in a gain, it will be taxed as capital gains.
It depends. If you used this timeshare as a second home and you rented it less than 15 days during the year, the loss would be considered a non-deductible personal loss.
If you rented it out for greater than 15 days during the year, you could treat the sale as the sale of investment property and report it on your return under the Investment Income area of Wages & Income.
TurboTax will determine if you had a gain or a loss on this investment and determine if it was short- or long-term. If you have other capital gains, a loss will offset some or all of the gains. Otherwise, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income). If the sale resulted in a gain, it will be taxed as capital gains.
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