Time Share

[vodland]

Question on how much gains I should claim on a Time Share property. 

The Time Share North Pier Ocean Villas in Carolina Beach, NC, went bankrupt this year due to numerous problems.  They (North Pier) were required to pay off the owners a set amount.  That amount was $3125 in my case.  I have owned this timeshare for 37 years.  I paid $2500 for it in 1985 or so.

I have no documentation on the purchase of the timeshare anymore.  I’ve moved a few times since then and have lost the purchase documents.  I hoping to show a $625 gain not the full $3125.  I think I need a Form 1099-S.  Would that be correct, or do I do something different?

[Anonymous]

Hi again vodland,

I answered this question in the first thread you posted, to summarize it actually looks like you will have a loss because you received back less than what you originally paid for it.