For original cost, you would use the purchase price of the timeshare/vacation home included any purchasing expenses even though the timeshare/vacation home was financed and not full paid off. Financing will have no effect on determining the capital gain or loss on the sale.
Since you received a 1099-S related to this sale, your will want to report this sale as the sale of a capital asset. However, if this was a personal use asset, the IRS will not allow you to recognize the capital loss on this sale.
To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information
For original cost, you would use the purchase price of the timeshare/vacation home included any purchasing expenses even though the timeshare/vacation home was financed and not full paid off. Financing will have no effect on determining the capital gain or loss on the sale.
Since you received a 1099-S related to this sale, your will want to report this sale as the sale of a capital asset. However, if this was a personal use asset, the IRS will not allow you to recognize the capital loss on this sale.
To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information