In article <CV8Qj.15261$pH4.10294[at]trnddc06> ,
Phil Marti <prm20871[at]verizon.net> wrote:
- quote -

Back in the 1970's, there was at least one year you could buy a Diesel
Rabbit new, and sell it used the following year at a profit.

I'm sure there has been at least one case of someone buying a (used)
timeshare at a fire sale and flipping it for a profit.

Seth

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"John D. Goulden" wrote:

- quote -

Yes

- quote -

Schedule D of the 1040

- quote -

Yes.

Not that you asked, but both these hypothetical buyer/sellers would also
have line 21 miscellaneous income for the payment they got from Ripley's
Believe It or Not.
--
Phil Marti
Clarksburg, MD

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- quote -

What about gains? If the OP had sold the (personal-use) time share and made
money on the deal, would that gain be taxable? If so, how is it reported?
What about someone who purchases a used car, drives it for a few months
(personal use), and then sells it for a modest gain? Is that gain taxable?


THANKS

--
John D. Goulden


========================================= MODERATOR'S COMMENT:
Yes, gains on sale of personal property are reported on schedule D
and are taxable.

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On Apr 22, 1:43*pm, "R. Pile" <michael.br...[at]wdn.com> wrote:
- quote -

Losses on the sale of personal use assets are not deductible. That
includes losses on personal use time-shares.

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A time share condo was bought and sold at a loss within the same
calendar year. Used only for personal use.

Reported as a short term capital loss on Schedule D or not reported as
a personal loss?

========================================= MODERATOR'S COMMENT:
Assuming this is not a main home subject to Sec 121 exclusion,
report on schedule D as a sale of second home, and show the loss. On the
next line write "Personal Sale - Loss Disallowed" and enter that loss as a
positive amount, so the result is zero gain/loss.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >