I have asked a similar question recently at several tax-pro websites and thus far only received one reply to my query from
About.com has been able to provide me with any kind of response, which I have posted below.
Quote:
A timeshare is a capital asset, and so when you sell a timeshare, you will calculate your capital gain or loss. Fees and expenses incurred to sell a capital asset are included in the cost basis of the asset. Thus your cost basis in the timeshare would include your original purchase price, plus these advertising expenses, plus any commissions or fees paid to a real estate agent. Since this is a personal residence, any capital losses are not-deductible for tax purposes. You will need to report the transaction anyways so that your tax return is complete and accurate.
Hope this helps.
William
About Taxes - Federal Tax Tips, News, and Planning Advice from About.com |
If any forum visitor can provide additional information in this regard,
Timeshare Adventures welcomes your input.