1099s

[Phinny8]

I upgraded my time share with Hyatt to points and paid over 18,000 and received a credit of 8300 from my previous time share property. I received a 1099 S for the 8300 and I don't know what to do with it.

[AmyC]

You sold your times share and purchased an upgrade. You need to enter the 1099-S. Enter the purchase price and date along with your sales price and sales date, from the 1099-S.

To enter the sale of your second home/ time share on Sch D form, see  See Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

[Phinny8]

thank you for your response. I have been reviewing the new sales paper because I cannot find the previou contract. in the new paperwork the upgrade list states document shows the old contract purchase price was $8300 and the equity is 8300 which is the amount I received credited to the new contract. the amount I had to pay was $10,510 after the credit. the purchase price was $18,810.  

I purchased the old contract in 2004 I think. do I need the old paperwork. is purchasing a  time share an investment? so sorry. this is my first time ever doing my own taxes.  I am afraid I must depend on you. this is the last thing I need to do before finishing and submitting the return

Ann

[AmyC]

We are here to help! This was an investment in a second home for you. You have found the purchase price and purchase date. You have the sales price as the same amount as the purchase price. This means no taxable gain on the property, it zeroes out. 

You must report the sale of your second home. See Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

You did great and the program should be easy to follow for entering the sale and then you can relax!