1099s

You report that sale as sales price minus cost. That determines your profit and the program taxes it as appropriate.

@rk8196   You will treat this as the sale of a capital asset. (However, Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible) 

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

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Scroll down the screen until to come to the section “Investment Income”
4. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
5. 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)
6. Since you did not receive a 1099-B, answer “no” to the 1099-B question
7. Choose type of investment you sold - select Second Home
8. Some basic information:
   1. Description –  Usually the basic timeshare information
   2. Sales Proceeds – Net proceeds from the sale 
   3. Date Sold – Date you sold the property

Source: VictoriaD75 Employee Tax Expert

[Edited 1-30-22|11:22 am PST]

Yes, you only pay tax on capital gains.  You will need Turbotax premier or higher.  Go to the section for Sale of stocks, bonds and other investments.  Treat it like the sale of a second home, don't enter as a 1099-B.  You will be asked for the purchase price, selling price, dates, etc.