1099S

[03191933]

We received 3 1099S for an upgrade to a timeshare we have. We received no money and of course they put it back into their queue. It is not our primary residence and it was only an upgrade and transfer to another location. On top of that we paid additional money to do it. The 1099S goes to the IRS. How do we input it into our Premier Turbo tax? We are not taxed right? We shouldn't be. There was no income generated. Again, only a timeshare that we upgraded and spend a few weeks a year there. It is not a business property and we don't rent it. Please provide guidance.

[AmyC]

The 1099-S indicates that you sold the property. You then used that money plus additional funds to purchase a new place.  Taxes are due when you sell one of your homes. The fact that you rolled the money into a new home doesn't negate the fact that you sold a home. The fact that you have 3 1099-S forms indicates you have multiple homes and sold 3 of them.

Next time you do this with property, look into doing a 1031 exchange so that the tax is delayed until the sale of the new place.