I sold my timeshare back to Marriott for $0 just to get out of it. I verified with Marriott that they do not intend to send me a 1099. They said "There are not tax documents sent out to owners who have deeded back their ownership at $0". Do I need to report the $0 sale on my taxes? I know I cannot deduct the loss because the timeshare was for personal use. So it doesn't matter to me if it is reported or not. It seems like the IRS might not care either. They may not even be aware of the sale if the 1099 was never filed.
No, if you are not going to be issued a 1099 because there is nothing to report you do not have to create a sale on your return to report the $0 sale.
Since A timeshare is considered a personal capital asset and the sale is reported if a gain occurs. If you incurred a loss on the sale, the IRS doesn't allow you to deduct the loss and there is nothing to report.
No, if you are not going to be issued a 1099 because there is nothing to report you do not have to create a sale on your return to report the $0 sale.
Since A timeshare is considered a personal capital asset and the sale is reported if a gain occurs. If you incurred a loss on the sale, the IRS doesn't allow you to deduct the loss and there is nothing to report.