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