I sold a timeshare in 2021 for a loss. I received a 1099-S for this sale. I entered to appropriate data into TurboTax Deluxe under Investment Income - Stocks, Mutual Funds, Bonds, Other. At the end of the process, I discovered that TurboTax had filled out Form 8949 incorrectly and was treating the loss as deductible. In my case, the loss is *not* deductible. How can I fix this problem?
Report as sale of a personal residence. Such losses are not deductible, will be recorded as such on 8949/Sched D.
Thank you for the quick reply.
By "report as sale of a personal residence" are you pointing me to "Less Common Income - Sale of Home (gain or loss)? This topic seems to be focused on the "Sale of Your Main Home".
Yes, but subordinate to focus. Do NOT affirm 'Main Home' in response to any questions; that transaction has special tax treatment. Any other home (second, vacation, etc) is treated as 'personal property', and losses on such sales are never deductible. Entering the 1099-S amount as a sale of personal property will achieve the correct result.