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My wife and I had a time share that we felt we didnt want

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My wife and I had...
My wife and I had a time share that we felt we didn't want anymore. We finished paying off the mortgage, but could not sell it. We were way behind on maintenance fees, but found out that for a fee (25% of the fees owed) we could deed the property back to the seller. Can this be declared a real estate loss, and is there a way of taking advantage to this situation on our tax filing this year?
Submitted: 8 years ago.Category: Tax
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Answered in 26 minutes by:
2/1/2009
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 8 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Dear Bill -

 

The time share is considered to be non-investement property, basically a second residence for personal use. As such, losses are not allowed and gains are taxed at capital gains rates.

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
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MequonCPA
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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