Time Share

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  • Bird Legs
    Senior Member
    • Jun 2005
    • 990

    #1

    Time Share

    Client purchased a time share about 5 yrs. ago for approx. $6,000.
    Client sold it in 2006 for $10.
    Is this a deductible capital loss subject to the $3,000. a yr. deduction?
    Or is this a personal loss and not deductible?
    The time share was not the principal residence nor was it rented out to any one else.
    Thanks
  • Bees Knees
    Senior Member
    • May 2005
    • 5456

    #2
    Since it was used for personal recreation, a loss is not deductible. No different than selling your personal use car at a loss.

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    • Bird Legs
      Senior Member
      • Jun 2005
      • 990

      #3
      Thanks Bees

      Of course, every time share that is sold by an individual will generally be sold at a loss.

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