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Jack R.
Jack R., Lawyer
Category: Real Estate Law
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Experience:  Mediator, part of the Ohio Save the Dream Foreclosure project
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This one week timeshare was purchased by myself and my deceased

Resolved Question:

This one week timeshare was purchased by myself and my deceased wife, Elinor, on April 1, 2004 for a total price, including closing costs of $ 14,086. During 2004 we used the timeshare for vacation purposes, and each year thereafter held the property for appreciation and rental income. Each year I reported and paid tax on the rental income. In recent years it became apparent that my heirs did not want the timeshare and I was concerned about potential assessments due to possible hurricane damage.
I was unable to sell the time share so on May 25, 2012 I contacted the “Timeshare Relinquishment Program” (see attached letter), paid the $1,000 fee and on October 21, 2012 received the attached letter from “United Title Transfers, LLC”
Informing me that the timeshare had been transferred out of my name.
Can I deduct this time share on my "2012" income tax return as a lost?
Thank you
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Jack R. replied 2 years ago.

As investment property ( property used to generate income) you are entitled to declare a business loss on the property. You should consult an accountant because it appears there was also personal use of the property.The personal use would affect how much of the gain/loss you can claim. Your tax return would need to completed properly showing the time share as an investment with investment income ( and loss). You will need to have records documenting time used for rental and time used for personal use. The expense to sell the property should also be deductible,

 

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Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience: Mediator, part of the Ohio Save the Dream Foreclosure project
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