Client "sold" timeshare. At the sale the company who bought the timeshare said the loss could be deducted on schedule D (cost of timeshare and fees on sale).
Actually client paid to have the company take the timeshare off their hands. So client did not receive any money but paid someone to take the burden. I have looked and can not find anything saying the client can deduct the price he paid orginally for the timeshare and the fee he paid to get someone else to take it off his hands. Are timeshares considered second homes? Client had one week per year usage.
Any ideas??
Actually client paid to have the company take the timeshare off their hands. So client did not receive any money but paid someone to take the burden. I have looked and can not find anything saying the client can deduct the price he paid orginally for the timeshare and the fee he paid to get someone else to take it off his hands. Are timeshares considered second homes? Client had one week per year usage.
Any ideas??