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Timeshares-Demolished-Rec'd 1099S

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    #1

    Timeshares-Demolished-Rec'd 1099S

    Client owned two timeshares where he could stay there 2 different weeks. They demolished them and sent him two 1099S for an equal amount. His cost was much greater than the money he received. Seeing this is for personal use, nothing would be taxable or deductible. Correct?
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    #2
    Yes. Unless it was an investment property. But personal use no loss.
    JG

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