Hello TUG-
I hope you can help with a capital loss question. Earlier this year I bought two timeshares resale from the resort’s HOA list. They are separately deeded and had separate closings. I used one week and put the other up for rent. I wound up selling the unit instead. Never listed it for exchange nor occupied the unit. I owned the unit for 5 months, entirely in 2017. I did not own the unit during its deeded week. No rent was ever collected.
The cost basis for the unit was $900. Costs to sell were $325. Revenue from the sale was $126. I want to take the capital loss on my 2017 taxes as a reduction of my ordinary income.
I hope you can help with a capital loss question. Earlier this year I bought two timeshares resale from the resort’s HOA list. They are separately deeded and had separate closings. I used one week and put the other up for rent. I wound up selling the unit instead. Never listed it for exchange nor occupied the unit. I owned the unit for 5 months, entirely in 2017. I did not own the unit during its deeded week. No rent was ever collected.
The cost basis for the unit was $900. Costs to sell were $325. Revenue from the sale was $126. I want to take the capital loss on my 2017 taxes as a reduction of my ordinary income.
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