topic Timeshare in Deductions & credits

Timeshare

4831 — Mon, 17 Feb 2025 17:19:56 GMT

Re: Timeshare

DianeW777 — Mon, 17 Feb 2025 17:21:50 GMT

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

Are you selling your timeshare?
Are you renting your timeshare?

Re: Timeshare

4831 — Mon, 17 Feb 2025 20:18:33 GMT

I’m sorry I don’t know how this posted blank. My question is I sold a timeshare this year. When we purchased the timeshare, we were given a developers credit. The price of the timeshare was $6500, and we got a developer credit of $500. So do I put the purchase price at the $6500 or do I need to put $6000 to take off the developer credit?

Re: Timeshare

RobertB4444 — Mon, 17 Feb 2025 20:29:06 GMT

The amount that you paid for the timeshare is the actual cash that left your bank account. In your case the price was reduced by $500 for a credit so you paid $6000. That is the amount that you need to use for the purchase price.

@4831