Hi and welcome to our site!
Generally we need to start with your basis - that is mainly your purchase price - assuming the timeshare was purchased.
Then you calculate your gain which is equal to (selling price) MINUS (basis) MINUS (selling expenses)
That gain will be added to your other taxable income
If you held the property
more than a year - the gain woudl be long term capital
gain - and will be taxed at reduced rates
- depending on your total income
it might be 15% or 20%.
Similarly you will determine the gain or loss on your home.
We would need to start with your purchase price - that is your basis.
The basis will be adjusted by improvements and sale expenses, and the gain/loss is calculated as
(selling price) MINUS (adjusted basis) MINUS (selling expenses)
If you have loss - that loss may not be deducted for personal
home, but if that is a rental property
- the loss may be deducted.
If you have a gain - it will be taxable,
but if that is your primary home - under certain circumstances the gain may be excluded from taxable income.
The mortgage balance would not be relevant in calculating the gain.
Let me know if you need any help with reporting