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posted Jun 1, 2019 12:17:46 AM

Timeshare sale in 2016

Sold 2 timeshares in 2016.
I followed your instructions and it is showing a loss in Capital  Gains  1040 but  I know that should be zero. Since I know I can not take the loss should I just ignore filling out form8949. Which case i didn't need to purchase next level of turbotax.

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1 Best answer
Expert Alumni
Jun 1, 2019 12:17:48 AM

No, you need to report the sales.  If you indicate they are "second homes"  and indicate that they were for "personal use" in the interview, TurboTax will calculate your loss as $0.00.  Go back to the investment section and edit each sale making sure to indicate personal use.

1 Replies
Expert Alumni
Jun 1, 2019 12:17:48 AM

No, you need to report the sales.  If you indicate they are "second homes"  and indicate that they were for "personal use" in the interview, TurboTax will calculate your loss as $0.00.  Go back to the investment section and edit each sale making sure to indicate personal use.