Tax Question

[Kauai Kid]

Amazingly we sold two weeks of our Princeville condo for $35 more than we paid for it. Does that profit need to be included in our taxes?

More typically of time share sales, we sold another week at Princeville for $6,000 less than we paid for it. Can we include that loss in our taxes?

Hopefully,

Sterling

 

[rapmarks]

You can't deduct the loss, unless it was income producing property. To claim that big gain, use schedule D, need date of purchase and date of sale, and any sale expenses get subtracted. If you still have the gain, the IRS gets a little bite of it.

 

[SmithOp]

You can also include capital reserves collected while you owned as part of the cost basis, that should wipe out that huge gain.


Sent from my iPad using Tapatalk Pro

 

[vacationtime1]

You can also reduce your sales price by the amount of your advertising and other selling costs.

 

[dioxide45]

Depending on who you sold it through and if it was over $600 they will likely issue a 1099 for the full selling price. You will have to claim that on your taxes and deduct any expenses. or original purchase price.

 

[TXTortoise]

And Hawaii gets a cut.

 

[Laurie]

You haved to file a state tax return for the state of Hawaii, I believe. And you may be able to offset your gain with = amount of loss on the other one.

 

[brianfox]

You could claim a profit on your timeshare sale, but the IRS will probably not believe you and end up auditing you for being a wiseass.

 

[Ralph Sir Edward]

Schedule D, long term capital gain, plus Hawaiian State income tax.

I have made a profit off of selling a timeshare, the IRS didn't blink an eye. . .

 

[T_R_Oglodyte]

IRS doesn't care if you claim a profit on a timeshare sale. They are far more interested if you claim a loss or if you give it away and try to claim a donation.