I purchased a Canadian Time share in 2018 for $1. My portion is worth $3,765. Do I claim the purchase and/or the value of the time share? If so, where is this done?

In the above question, I should clarify the my portion of the value of the property is $3,765. This is 1/51st part of the total value.

572

Moderator

Oct 30, 2019 8:56:16 PM

Unless you purchased the property as a business/rental asset, you only need to report when you sell it, not when you buy it.