sale of a timeshare in 2020

[wyostokes]

We had 2 weeks in a timeshare condominium that was sold in 2020 when the association was dissolved.  The initial cost was $2400.00 for both weeks and we received $9104.58 for both weeks when sold.  Do I only report the difference in the gain ($6704.58) and where do I report this income.  We have not received any tax related forms from the Condominium Association and now that it is dissolved there is no one to contact.

[ErnieS0]

The IRS generally considers the sale of a time share interest to be the sale of personal property. Gains are taxable. Losses are not deductible on personal property. To report this sale in TurboTax Premier Online (you'll need Premier):

•    Type investment sales in Search in the upper right
•    Click on Jump to investment sales
•    Choose Other as the type of investment (not Stocks, Bonds, Mutual Funds)
•    Enter the name of the seller or broker and EIN number (optional)
•    Choose Other in the box What type of investment did you sell?
•    Fill in the rest of your information

Your sale price would be $9,104.58 and your cost $2,400.00 for a capital gain of $6,704.58.

[wyostokes]

Thanks, that answers the question.