Dumped the old for DVC

[kendo911]

My wife and I finally unloaded our non Disney Timeshare with a significant loss. We looked at DVC at the same time as buying this one and choose to go with the outside. I know dumb mistake but we are DVC now.

Does anyone know if the loss I took on the timeshare sale can be wrote off on my taxes as a capital loss? We lost nearly 10K on the sale

Note: Moderators please let me know if this is not the place and I will move it

Thanks

 

[CarolMN]

I don't know the answer to your question (although I strongly suspect it is yes, the loss can be considered a capital loss).

This reply will bump your question to the top of the forum - maybe someone else knows the answer. But obviously, you should consult a tax professional before you file your taxes. In a tax audit or tax court, anonymous advice from the internet will be worth what you paid for it. NOTHING!

P.S. Congratulations on your DVC purchase and welcome home!

 

[spiceycat]

accordingly to tug it can't be.

so visit with them - they have lots of information

www.tug2.net

oh some of them still hate DVC - don't let that bother you. they were saying by now that DVC would be the same as other timeshares in Orlando - selling for less than $2,000 for 250 points.

some of them are still mad that did not happen.

they still say that Disney will someday let go of ROFR.

but Disney is never going to let anyone stay on property for pennies on the dollar.

 

[moredisneyplease]

i dont have any suggestions, but i just wanted to say WELCOME HOME!!

 

[lacool]

Because it was personal use property and not investment use, you can not deduct the loss. It's the same idea as if you took a loss on selling your main home. Sorry, I know it's not the answer you wanted.

But Welcome Home!

 

[Monorail Purple&Gold]

i dont have any suggestions, but i just wanted to say WELCOME HOME!!

Me too!

Welcome Home!!!

 

[dallastxcpa]

Welcome Home!

 

[Dean]

My wife and I finally unloaded our non Disney Timeshare with a significant loss. We looked at DVC at the same time as buying this one and choose to go with the outside. I know dumb mistake but we are DVC now.

Does anyone know if the loss I took on the timeshare sale can be wrote off on my taxes as a capital loss? We lost nearly 10K on the sale

Note: Moderators please let me know if this is not the place and I will move it

Thanks

You can't deduct the loss as others have noted.

 

[DisDaydreamer]

You can't deduct the loss as others have noted.

Hmmm... I imagine though if I sell my BWV for a nice gain that I'm going to be paying nice taxes for it.

Kendo911... Welcome Home and Welcome to the DISboards!

 

[spiceycat]

Hmmm... I imagine though if I sell my BWV for a nice gain that I'm going to be paying nice taxes for it.

Kendo911... Welcome Home and Welcome to the DISboards!

of course but then it is to the IRA advantage not yours - like all the tax laws.

 

[tomandrobin]

they still say that Disney will someday let go of ROFR.

But Disney is never going to let anyone stay on property for pennies on the dollar.

Disney will never let the value fall lower then cash room rates....never!

 

[Dean]

but Disney is never going to let anyone stay on property for pennies on the dollar.

Except maybe for exchanges in where it often is pennies on the dollar.

 

[kendo911]

Thanks for all of the kind words