How do I report income on form 1099 S from the sale of a timeshare?

You will need to use TurboTax Premium or TurboTax Premier to report this as sale of an investment property.

To do this you will select the following:
1. Income Show More next to Investment Income
2. Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
3. Select Other
4. Continue through and select Other again for the type of investment
5. Answer how you obtained the timeshare you sold
6. You will need to enter the selling price, dates and the cost basis of the items

 

Please note your navigation my be slightly different however the information will still go in the investment section as a sale of investment property.

Why does the TurboTax navigation menu look different for me?

 

This will be a Capital Gains Sale. The rest of your income will play a part in the tax rate. However, your tax rate on the sale of the timeshare would be between 0% and 20%. The capital gains rates are as follows based on income

• Zero percent rate for the following income
  • $47,025 for single or MFS
  • $63,000 for HOH
  • $94,050 for Married Filing Jointly
• Fifteen percent for income more than above but less than below
  • $291,850 for MFS
  • $518,900 for Single
  • $551,350 for Head of Household
  • $583,750 for Married Filing Jointly
• Twenty percent for the amount that your taxable income is over the 15% level.