cpabsd Posted March 12, 2014 Report Share Posted March 12, 2014 A client incurred a loss from sale of time share during 2013. Is this deductible? I'm thinking not. A time share is a second residence and loss on sale of personal residence is not deductible. Confirmation anyone? Thoughts?? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 12, 2014 Report Share Posted March 12, 2014 Where were you deducting the taxes paid or interest paid on the time share property, Sch A, correct? So it is a personal loss, no deduction. 2 Quote Link to comment Share on other sites More sharing options...
JMovichEA Posted March 12, 2014 Report Share Posted March 12, 2014 Just did one of these. Of course the time share people told her to be sure to use what they paid, so client thinks a loss. I reported with code L - loss not deductible. 1 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 12, 2014 Report Share Posted March 12, 2014 Personal loss. Not deductible. Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 12, 2014 Author Report Share Posted March 12, 2014 Thanks everyone. Just confirms what I thought but always good to double check myself!! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 12, 2014 Report Share Posted March 12, 2014 Only time it could be deductible would be if it was used as a rental property, and reported on Sch E. A very rare situation. 1 Quote Link to comment Share on other sites More sharing options...
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