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cheriguy
Returning Member

Timeshares - 1099-S

My husband and I purchased additional timeshares last year.  Funding from our previous purchases was applied toward the new purchase.  No money exchanged hands and we traded dollar for dollar the amount we had originally paid toward the new sale.   We received a 1099-S in the mail showing we received proceeds from the sale.  I've tried calling the company numerous times and I've left several messages and never received a call back.  How do we handle this.  Do we need to report the proceeds on the1099-S?

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2 Replies
DaveF1006
Expert Alumni

Timeshares - 1099-S

Yes, this sale is reportable as a capital gains transaction even though the money never changed hands. Here is how to report.

 

  1. Open your Turbo Tax Return
  2. Go to federal>wages and income
  3. Investments and Savings>Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’  
  4. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
  5. Since you did not receive a 1099-B, answer “no” to the 1099-B question
  6. Choose type of investment you sold - select everything else
  7. What type of investment other
  8. How did you receive the investment. Indicate you purchased it.
  9. On what did did you receive this investment. This is when you purchased the timeshares
  10. Some basic information:
    1. Description –  Usually the address of the property sold
    2. Sales Proceeds –  The amount you received for the sale
    3. Date Sold – Date you sold the property
    4. Cost or other basis  (This is where you put the purchase price of the timeshares.

Once the information is complete, this will determine your gain on the sale. You can only declare a loss if the timeshares was used as an investment rather than you using them for personal reasons. 

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cheriguy
Returning Member

Timeshares - 1099-S

Thank you so much!!! This was very very helpful!

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