timeshare sale

[GREGS87531]

i am selling my timeshare that i bought in 2007. i paid $25,000.00 and i am getting $4500.00 for it. Am i able to write off the loss and do i need to claim the money i sold it for?

[Jennifer_A]

When you sell a personal asset, it is either sold at a gain or a loss.  If there was a gain, you would have a long-term capital gain and possibly pay tax on the gain.  However, from your records, you are selling at a loss.  While a loss is not deductible, neither are the proceeds, in this case, going to be taxable.