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Old January 27, 2011, 08:56 PM   #1
ada903
 
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Claiming a timeshare sale 1099-S form on my turbotax

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!
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Old January 28, 2011, 06:31 AM   #2
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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.
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Old January 28, 2011, 07:01 AM   #3
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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

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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.
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Old January 28, 2011, 08:29 AM   #4
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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.
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Old January 28, 2011, 08:45 AM   #5
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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.
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Old January 28, 2011, 08:57 AM   #6
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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.
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Old January 29, 2011, 05:20 PM   #7
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Post 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.
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Old January 29, 2011, 05:30 PM   #8
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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.
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Old January 30, 2011, 09:59 AM   #9
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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
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