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#3
02-10-2005, 04:35 AM
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 Re: Sale of deeded timeshare at loss: still not deductible? "Chu" <chris.hudel[at]gmail.com> wrote: - quote - > Does this apply to all sales of personal real-estate? Does
It applies to all NON-BUSINESS property. Gains from> this include vacation homes? personal use property are fully taxable while losses are NON-DEDUCTIBLE. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-09-2005, 03:17 AM
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| Re: Sale of deeded timeshare at loss: still not deductible? - quote - > Does this apply to all sales of personal real-estate? Does
Yes. Unless it was used as a rental property.> this include vacation homes? Ira Smilovitz << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-07-2005, 06:16 PM
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| Re: Sale of deeded timeshare at loss: still not deductible? Does this apply to all sales of personal real-estate? Does this include vacation homes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-04-2005, 04:31 AM
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| Re: Sale of deeded timeshare at loss: still not deductible? "chris.hudel[at]gmail.com" <chris.hudel[at]gmail.com> wrote: - quote - > I read this group's history regarding the deuctibility of
If you were personally using it, then the loss isn't> the loss on sales of timeshares and I'm seeking updated > advice for the 2004 filing season. > My wife and I sold our deeded timeshare in 2004 at a loss of > $4000. We had used the timeshare personally 4 of the past 6 > years; the other two years the timeshare went unused. We > received a 1099-S from the closing company for the gross > proceeds. > Can I deduct this loss under the Sale of Investment "Second > home, land or other real estate (not your main home or > rental)" [I quote the turbotax program]. If not, where and > how do I file the 1099-S? deductible. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-03-2005, 07:03 PM
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| Sale of deeded timeshare at loss: still not deductible? I read this group's history regarding the deuctibility of the loss on sales of timeshares and I'm seeking updated advice for the 2004 filing season. My wife and I sold our deeded timeshare in 2004 at a loss of $4000. We had used the timeshare personally 4 of the past 6 years; the other two years the timeshare went unused. We received a 1099-S from the closing company for the gross proceeds. Can I deduct this loss under the Sale of Investment "Second home, land or other real estate (not your main home or rental)" [I quote the turbotax program]. If not, where and how do I file the 1099-S? Thanks, ../Chu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deductible, deeded, loss, sale, timeshare |
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