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f-donahue
New Member

Entering sale of timeshare

have 1099-S form
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2 Replies
mikeymars
Returning Member

Entering sale of timeshare

The 1099-S forms I got only show the gross proceeds, but turbotax asks me to input the net proceeds
DS30
New Member

Entering sale of timeshare

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) 

If you received a 1099-S for this transaction, you will enter it as the sale of a capital asset. Just make sure that you report the basis equal to the amount being reported as proceeds from the sale so that the two amounts cancel each other out (resulting in zero "0" capital gain or loss on the sale)

For more information about sale of a personal use property, please see this link:

https://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Question...

Click this link for further information about reporting the sale of a capital asset

  • To enter this transaction in TurboTax, log into your tax return 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:

  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. Next click on “I’ll choose what I work on” (jump to full list)
  4. Scroll down the screen until to come to the section “Investment Income”
  5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
  6. 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)
  7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
  8. Choose type of investment you sold - select everything else
  9. 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
  10. Tell us how you acquired the property
  11. Enter the date acquired
  12. Enter the your fair market value



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