I sold a time share Paid $8,000 sold for$10.00 Can I deduct loss?

[MargaretL · Accepted solution]

No, 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).