cpabsd Posted March 12, 2014 Report Posted March 12, 2014 A client incurred a loss from sale of time share during 2013. Is this deductible? I'm thinking not. A time share is a second residence and loss on sale of personal residence is not deductible. Confirmation anyone? Thoughts?? Quote
Pacun Posted March 12, 2014 Report Posted March 12, 2014 Where were you deducting the taxes paid or interest paid on the time share property, Sch A, correct? So it is a personal loss, no deduction. 2 Quote
JMovichEA Posted March 12, 2014 Report Posted March 12, 2014 Just did one of these. Of course the time share people told her to be sure to use what they paid, so client thinks a loss. I reported with code L - loss not deductible. 1 Quote
Jack from Ohio Posted March 12, 2014 Report Posted March 12, 2014 Personal loss. Not deductible. Quote
cpabsd Posted March 12, 2014 Author Report Posted March 12, 2014 Thanks everyone. Just confirms what I thought but always good to double check myself!! Quote
kcjenkins Posted March 12, 2014 Report Posted March 12, 2014 Only time it could be deductible would be if it was used as a rental property, and reported on Sch E. A very rare situation. 1 Quote
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