Feb 05, 2010 from
Anonymous
Value
$5.00
Early in 2009 I paid a company to take my timeshare off my hands. They told me that I could deduct the cost of the timeshare from my income tax since I had purchased it for investment. Up to $3000 a year over a ten year time. Does this go on a Capital Loss Schedule D 1040 form?
I've already tried...
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http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm
Accepted Answerhttp://www.timesharedonations.org/donation-tax-benefits.htm
Both sites caution against deducting the loss incurred for the sale of a timeshare.
You say you "paid someone to take it off your hands." That does not sound like a sale, but it also does not seem to fall into any category that would allow a deduction for a loss.
Those sites do say you can deduct the interest on money you borrowed to acquire the unit -- if it was not rented.
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