When it comes time to sell your timeshare, you may not make a lot of money. In fact, in this tough economy your timeshare may actually be sold at a loss.
If that’s the unhappy situation you face, you’ll need to know if you can deduct that loss come tax time.
As is often the case with the tax law, the rules are pretty tricky. Which is why I urge you to read my brand new article titled Tax Tips: Tax-Deductible Loss on Sale of Timeshare.
Three ways our fact-filled article can help you:
- You’ll learn the tax rules that govern “business” timeshares. For starters, you have to make sure that your timeshare qualifies as a business timeshare under IRS rules. Again, this can be tricky. To find out more, read the full article.
- We’ll explain what to do if you rented your timeshare to a third party. If you rented out your timeshare, you automatically triggered the vacation home rules. What’s the impact of this when it comes to deducting your loss? We’ll tell you when you read the full article.
- You’ll learn how to handle the personal use of a timeshare. Did your family use the timeshare for a vacation? If the answer is “yes,” does this ruin your chance to deduct a loss on your timeshare? You’ll get a straight answer when you read the full article.