DVC resales for gains and losses ?

[BillM]

When you sell a DVC contract you receive a 1099-S showing income which you have to report on your taxes. I have previously sold DVC and had to report a gain. Now I have sold some points and have a loss. Is this a legal deduction. This of course is a deeded lease hold interest for a determined number of years.

 

[chalee94]

Now I have sold some points and have a loss. Is this a legal deduction.

4. You may deduct capital losses only on investment property, not on property held for personal use.

http://www.irs.gov/newsroom/article/0,,id=106799,00.html