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Go ahead and try. What have you got to lose? If you're using TurboTax Online, you don't get charged for entering the information, only if you file.
Just follow these instructions on how to enter the second home (Timeshare). Use the 1099-S information to enter the sales information. The Timeshare sale will be entered in the investment section of TurboTax. Follow these instructions:
Source: TurboTax FAQ
I have TT 2020 desktop and it doesn't work like this. Making matters worse, when I called TT and the rep walked me through how she thought it was supposed to work (using schedule D), she told me the loss was deductible (up to $3K). Further research tells me that is not true. The IRS considers a timeshare as personal property and does not allow capital loss deductions for it. The workaround is to use a cost basis that is the same as the proceeds so the net effect is zero. I've already done my questionnaire, so I can't report this tp TT, but someone has to find out who handled [social security number removed] [removed] for giving out bad information.
TT deleted the case number thinking it was an SSN. The case number is Four Six Six Eight One Five Four Four Four.
Thanks for letting us know. I will pass on the feedback.
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