Where do I report the sale of a timeshare?

[VictoriaD75]

You will treat this as the sale of a capital asset. (However, Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible) 

To enter this transaction in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Scroll down the screen until to come to the section “Investment Income”
4. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
5. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
6. Since you did not receive a 1099-B, answer “no” to the 1099-B question
7. Choose type of investment you sold - select Second Home
8. Some basic information:
   1. Description –  Usually the basic timeshare information
   2. Sales Proceeds – Net proceeds from the sale 
   3. Date Sold – Date you sold the property

[CharlesFromTexas]

I sold a timeshare in 2020. I don't have the 1099 but have the information. I have already entered stock sales, but can't find how to add the timeshare sale. In Turbotax Premier, when I go to "Federal Taxes", "Investment Income" and select the "Update" option for "Stocks, Mutual Funds, Bonds, Other", it goes to the list of investment accounts and my only option is to "Add More Sales" but it looks like this is just for another brokerage sale. Is this where I enter the timeshare sale info?

[ReneeM7122]

You will treat this as the sale of a capital asset. (However, Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible) 

If you received a 1099-S for this transaction, you will enter it as the sale of a capital asset. Just make sure that you report the basis equal to the amount being reported as proceeds from the sale so that the two amounts cancel each other out (resulting in zero "0" capital gain or loss on the sale)

For more information about sale of a personal use property, please see this link:

https://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Question...

Click this link for further information about reporting the sale of a capital asset

• To enter this transaction in TurboTax, log into your tax return and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below) 

Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
6. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
8. Choose type of investment you sold - select everything else
9. Some basic information:
   1. Description –  Usually the basic timeshare information
   2. Sales Proceeds – Net proceeds from the sale 
   3. Date Sold – Date you sold the property
10. Tell us how you acquired the property
11. Enter the date acquired
12. Enter the your fair market value

@CharlesFromTexas

answer from DS30

[CharlesFromTexas]

Thanks, but you posted the same description as I already read before I posted, but as I mentioned in my post, I don't get the same options you described ("if you sold any investments during the current tax year ") but just acts like I am going to add another brokerage/stock sale.  That's why I posted my question.

[ToddL99]

The sale of a timeshare is the same as a brokerage/stock sale - it is the sale of a capital asset.

It is entered in the Stocks, Mutual Funds, Bonds and Other interview of Investment Income. A "timeshare" is an "Other" asset (may or may not be reported on 1099-S).

See Where do I enter the sale of a second home, an inherited home, or land on my 2018 taxes? for instructions (disregard the 2018 - instructions are the same).

See the following sample screenshots for aid in navigating (they are from a desktop program and the description is "Lan" but they are the same you would see for a "Timeshare". The last screen gives you the option of adding sell ing cost that were not reflected in the "Cost or Other basis".