In 2016, I sold a timeshare. I have received a form 1099S. what form is required for this? I sold it for a loss or less than the value.

suebawcom — Thu, 06 Jun 2019 10:06:13 GMT

Since you received a 1099-S related to this sale, your wi...

DS30 — Thu, 06 Jun 2019 10:06:13 GMT

Since you received a 1099-S related to this sale, your will want to report this sale as the sale of a capital asset. However, if this was a personal use asset, the IRS will not allow you to recognize the capital loss on this sale.

To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below)

Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Next click on “I’ll choose what I work on” (Jump to full list)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
The first screen will ask if you sold any investments during the current tax year (This includes any asset held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Choose type of investment you sold - select everything else
Some basic information:

Description – Usually "Timeshare - "then enter location"
Sales Proceeds – Your net proceeds from the sale (usually reported on 1099-S)
Date Sold – Date you sold the property (on 1099-S)

Tell us how you acquired the property - purchased
Enter the your cost basis- Original cost of the timeshare.
Date acquired (Just remember that the date acquired should be more than a year before the date sold in order for the sale to get long term capital gains treatment and the lower capital gains rate)
If you had a loss, on the question of "Did you use this property for business or investment?" If the property was not used for any personal use, you will answer that this was for investment. Otherwise, you will not be able to deduct the capital loss of a personal use capital asset.

Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses

Re: Since you received a 1099-S related to this sale, your wi...

jwaltner — Fri, 17 Feb 2023 14:20:04 GMT

This is fine info but you don't describe how to report if for personal use assuming that this is what most do with a time share. Maybe if my personal use is only for the occasional yearly trip, it can be considered a capital asset.

Re: In 2016, I sold a timeshare. I have received a form 1099S. what form is required for this? I ...

ThomasM125 — Fri, 17 Feb 2023 16:51:33 GMT

You would follow the instructions mentioned by @DS30 to enter the Form 1099-S as an investment sale in TurboTax. You will come across a screen that says Select any less common adjustments that apply and choose the one that says the loss is not deductible for reasons other than a dissallowed wash sale. The sale will appear on your tax return but the loss will not show as deductible.

topic In 2016, I sold a timeshare. I have received a form 1099S. what form is required for this? I sold it for a loss or less than the value. in Deductions & credits

In 2016, I sold a timeshare. I have received a form 1099S. what form is required for this? I sold it for a loss or less than the value.

Since you received a 1099-S related to this sale, your wi...

Re: Since you received a 1099-S related to this sale, your wi...

Re: In 2016, I sold a timeshare. I have received a form 1099S. what form is required for this? I ...