Sale of a timeshare in Canada

[RB65]

In 2019 I was part of the sale of a timeshare in Canada.  I was required to file with the Canadian Revenue Dept. for the sale of the property and pay taxes on my portion of the sale.

The money from the sale will be received in March of 2020. I understand that I pay US tax on the money received for the sale and can claim a deduction for the foreign tax paid.

For my taxes, is this a 2019 or a 2020 transaction.

Thanks.

[ThomasM125 · Accepted solution]

Assuming you are a cash basis taxpayer, which is the default, you would report the income in the year that you received it, which is 2020 in this case.

[CJM_68]

Our US timeshare was sold in 2022.

To report the capital gains, what is the correct type of property?

I would assume "Personal Use Property" per options offered (see pic below)

Thanks for your help!

[KarenL]

There are different types of timeshares.  Most of them provide you with an ownership interest in the property.  That is a "title".  In this case, it is Real Estate.  @CJM_68 

[CJM_68]

Thanks for taking the time to answer!