No. However, the loss is not allowed to reduce other income because it was personal use property. You should report your timeshare as a sale of investment. If there has been a gain it would be taxable. In the sale entry, the cost and selling price must equal so there is no reportable loss (if you do select Personal items, noted below, it will limit the loss to zero).
To enter your sale in TurboTax, follow these steps.
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Be sure to select 'Personal Items' as the Type of Investment.
- Click this link for more information. Where do I enter Investment Sales?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
