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- On a "timeshare deedback" can I claim...
On a "timeshare deedback" can I claim any type of loss on my taxes?
I bought a split timeshare(s) a few years back and have since been unable to use them. I have had it listed for sell for two years without even a nibble. Today I recieved a call and the timeshare resort is offering to take back or deedback one of the timeshares. If I decide to take the offer and give back my $8000 my big question is... On a "timeshare deedback" can I claim any type of loss on my taxes?
Sharon K.
http://www.nolo.com/legal-encyclopedia/how-deduct-loss-on-timeshare-sale.html
"Personal Use Timeshares A timeshare is a personal use timeshare if you use it almost exclusively as a vacation getaway for yourself and your family, relatives, and friends, or you left it vacant or exchanged its use with other timeshare owners. Personal use timeshares can be rented to strangers, but for no more than 14 days per year. The majority of timeshares fall into this category. Losses from the sale of a personal use timeshare are deemed to be personal losses and are not deductible at all. End of story."
Per the article: If you used the TS as a rental property, you may be able to claim a loss. The definition of rental property is pretty specific and usually not applicable to most timeshares.
Tracey S.