Can you help? We bought a timeshare in 2016 for $12,369 and received limited benefits and got rid of it 2019. Paid $3000 to an exit company. How to reflect on taxes?

Your Timeshare is considered a second home, if you didn't rent it out. Personal losses are not deductible however you do want to enter it on your tax return.

 

These are entered in the investment section of TurboTax. Follow these instructions:

1. Open or continue your return in TurboTax.
2. In the search box, search for sold second home and select the Jump to link in the search results.
3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
   • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
4. Answer No to the 1099-B question.
5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

Related Information:

• Is the money I made from a home sale taxable?
• Where do I enter Form 1099-S?
• I sold my rental property. How do I report that?

Source: TurboTax FAQ