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Question

We sold a time share back to the company we bought it from. We paid $13,000.00 and sold for $9,000.00. I know there is no deduction for loss but the buyer sent a 1099-S showing gross proceeds of $9,000.00, how or where do we show the purchase price of the time share to off set that so we are not taxed on the sale since we had no profit?

Submitted: 971 days and 11 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Los angeles, California

Accepted Answer

You will report the sale on Sch D and report the sale proceeds and the cost and in the gain or loss column write " personal loss".

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

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Expert: RD
Pos. Feedback: 99.4 %
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Answered: 3/27/2007

Certified Public Accountant (CPA)

CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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