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hunter9
New Member

I sold a timeshare and received a 1099S. Where do I report that ?

 
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MaryK4
Expert Alumni

I sold a timeshare and received a 1099S. Where do I report that ?

You cannot deduct the loss on the sale if it was a personal-use timeshare, unfortunately.   Timeshares  are considered personal assets and losses are not allowed. You don't have to report the timeshare sale unless you received form 1099-S for the sale.

Time share sale data entry:

  1. Federal Taxes 
  2. Wages and Income 
  3. Scroll down to Investment Income
  4. Select Stocks, Mutual Funds, bonds, Other
  5. Indicate that 1099-B/brokerage statement was not received for the sale, continue through the interview.
  6. On the screen Choose the type of investment you sold, select Second Home - you will be asked to enter the net proceeds, the date of sale, how you acquired the property and then the cost basis of the home (original cost and improvements).
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