• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Claiming a timeshare sale 1099-S form on my turbotax

ada903

TUG Member
Joined
Oct 26, 2008
Messages
3,587
Reaction score
42
Points
433
Does anyone know where to properly claim the 1099-S timeshare sale on my tax return using Turbotax software? It is not a home sale or an investment so I am not sure which category to file it under! Thanks!
 

Dave H

TUG Member
Joined
Jul 28, 2007
Messages
417
Reaction score
3
Points
228
Location
Orlando
Does anyone know where to properly claim the 1099-S timeshare sale on my tax return using Turbotax software? It is not a home sale or an investment so I am not sure which category to file it under! Thanks!

First the usual.... not a tax accountant.... but I think there is a specific form for the sale of real estate that gets filed as part of the tax return. you might want to check www.irs.gov it might be done as part of Schedule "D" but again, not sure of exactly where.
 

ada903

TUG Member
Joined
Oct 26, 2008
Messages
3,587
Reaction score
42
Points
433
That's what i found on the internet too, that you have to use schedule D, but not sure where on turbotax online to find that.. I'll keep digging. Thanks Dave

First the usual.... not a tax accountant.... but I think there is a specific form for the sale of real estate that gets filed as part of the tax return. you might want to check www.irs.gov it might be done as part of Schedule "D" but again, not sure of exactly where.
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,461
Reaction score
7,277
Points
948
Resorts Owned
HGVC & GTS
In a sense, it is the sale of a "home," just not a principal residence.

I'm using TaxAct online this year (I find it better suits my needs), but if memory serves, one can bring up a complete list of Forms and Schedules in TurboTax thru a tab or link on the menu line.
 

janej

Tug Review Crew: Rookie
TUG Member
Joined
Jun 26, 2005
Messages
1,856
Reaction score
32
Points
408
Location
Northern Virginia
Do you have to include all timeshare sales in your tax? I've never received 1099 for timeshare sales and have not made any profit on any either.
 

ada903

TUG Member
Joined
Oct 26, 2008
Messages
3,587
Reaction score
42
Points
433
If you received a form 1099S, you must report the sale. I think even if you don't receive one, you must report the sale. The profit is taxable. If you made a loss however, you cannot claim a deduction for the loss, unless you argue the property was an investment.

I ended up putting it under investment income, specifying that it was a personal use item and not an investment, after searching Q&A's on this topic.
 

Miss Marty

TUG Member
Joined
Jun 6, 2005
Messages
3,999
Reaction score
339
Points
468
Form 1099-S 'Proceeds From Real Estate Transactions'


IRS Publication 523


If the 1099-S was for a timeshare or vacation home:

The property would be considered a personal capital asset to you and the sale would be reportable on Federal Schedule D. A gain on this sale is reportable income. If you incurred a loss on the sale you are not allowed to deduct this loss since it is personal use property. For inherited property the asset would be considered investment property and the capital gain or loss would be reported on Schedule D. If you have a loss the IRS will be looking for the sale to be reported on your return, so you would enter a cost equal to the sales price so that the gain/loss reported is zero.
 

Mel

TUG Member
Joined
Jun 6, 2005
Messages
1,882
Reaction score
0
Points
36
Location
Connecticut
If you inherit it, and sell it, it is considered investment property. However, if you use it yourself once you inherit it, it is converted to personal use property. Unless you purchase a timeshare for the specific purpose of renting it out, and do so on a regular basis, you'll be hard pressed to convince the IRS it's an investment property so you can claim a loss. Also remember, if you claim it as an investment property you have to recapture allowed depreciation (whether you claimed it or not). You'll also have trouble claiming it as rental property if you didn't report the income from it each year on schedule D.
 

Rent_Share

TUG Member
Joined
Jun 10, 2005
Messages
5,091
Reaction score
3
Points
473
Location
SOCAL (562)
if you didn't report the income from it each year on schedule D.

IMHO the prior rental income,expenses and "depreciation" would have ne on a schedule C
 
Top