I received 2 Form 1099-S for timeshares that I upgraded in 2023. Not sure why they were issued as I didn't have any capital gains. It was just an upgrade, and they took over my old timeshare and gave me a new one. How is this reported on the 1040 form and it this taxable (the amounts listed on the form 1099-S. I do not rent out my timeshares and it is only used by myself.
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This would be considered a sale of investment property because there is no 'trade' allowed for this type of personal use property.
The value of the property received is the selling price of the old timeshare, trade date would be the sales dates. The cost basis is what you paid for the original time share and the date acquired.
The timeshare sale can be entered into TurboTax CD or Desktop and TurboTax Online version by following the steps below.
The gain from the sale will be fully taxable because a timeshare is not eligible for any special tax treatment.
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