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    #1

    time share

    I have a client who sold his part in a time share resort. he took a loss. I dont think this is a deductable loss is it?
    Ken
    ken
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    #2
    personal loss

    That is a personal loss, not a business loss.
    While we are taxed on personal GAINS, we do not get tax benefits from personal losses.
    ~donna
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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      #3
      Probably not...

      Originally posted by Ken
      I have a client who sold his part in a time share resort. he took a loss. I dont think this is a deductable loss is it?
      It depends on why he bought the time share. If it was for his personal use/enjoyment, loss is not deductible. If it was for investment, then it can be a Cap Loss. If it was as a rental (some people rent out time shares), then the loss can also be reported.

      But, chances are, it was likely a personal loss.

      Bill

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