Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ret5055
New Member

2019 i sold back a timeshare. While i recd back less than I paid for it, i know i have to report the sale even though there is no gain or loss. how do i do that

I sold my timeshare back to timeshare company and recd 1099-S.  I recd much less than originally paid for timeshare that i used only for personal use.  I know i cannot claim a loss, but it looks so confusing as how to report this using TurboTax and wonder if I should just go to regular tax preparer.  I am afraid i will enter it incorrectly.
4 Replies
HelenC12
Expert Alumni

2019 i sold back a timeshare. While i recd back less than I paid for it, i know i have to report the sale even though there is no gain or loss. how do i do that

Go ahead and try. What have you got to lose? If you're using TurboTax Online, you don't get charged for entering the information, only if you file.

  • Just make sure the final Form 1040 does not have a deduction for the nondeductible personal loss. TurboTax will walk you through it.
  • After you finish entering the information, you can see a preview of your 1040 to make sure the nondeductible loss is not being deducted from your income. See How do I preview my TurboTax Online return before filing?

 

Just follow these instructions on how to enter the second home (Timeshare). Use the 1099-S information to enter the sales information. The Timeshare sale will be entered in the investment section of TurboTax. Follow these instructions:

  1. Open or continue your return in TurboTax.
  2. In the search box, search for sold second home and select the Jump to link in the search results.
  3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
    • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
  6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

Source: TurboTax FAQ

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Anonymous
Not applicable

2019 i sold back a timeshare. While i recd back less than I paid for it, i know i have to report the sale even though there is no gain or loss. how do i do that

I have TT 2020 desktop and it doesn't work like this. Making matters worse, when I called TT and the rep walked me through how she thought it was supposed to work (using schedule D), she told me the loss was deductible (up to $3K). Further research tells me that is not true. The IRS considers a timeshare as personal property and does not allow capital loss deductions for it. The workaround is to use a cost basis that is the same as the proceeds so the net effect is zero. I've already done my questionnaire, so I can't report this tp TT, but someone has to find out who handled [social security number removed] [removed] for giving out bad information. 

Anonymous
Not applicable

2019 i sold back a timeshare. While i recd back less than I paid for it, i know i have to report the sale even though there is no gain or loss. how do i do that

TT deleted the case number thinking it was an SSN. The case number is Four Six Six Eight One Five Four Four Four. 

GabiU
Community Manager

2019 i sold back a timeshare. While i recd back less than I paid for it, i know i have to report the sale even though there is no gain or loss. how do i do that

Thanks for letting us know. I will pass on the feedback. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v