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)
This is entered in the investment section of TurboTax. Follow these instructions:
(See the attached screenshot below. Click to enlarge.) Let me know if you have further questions.
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)
This is entered in the investment section of TurboTax. Follow these instructions:
(See the attached screenshot below. Click to enlarge.) Let me know if you have further questions.
This is surely incorrect if there was a profit on the sale.
If the timeshare is in a different state then where I live to I have to file any tax form in the state where the timeshare is located?
I did a search for 'sold second home' never comes up on TurboTax Live Premium. How do you report the basis equal to the amount?? I have for 2 days trying to get someone to call and help??
You enter it as an investment sale - follow the instructions in this link - How do I report the sale of a second home? TurboTax will ask you for the sales price (proceeds) and the cost basis when you enter the sale. @sswred