? For anyone who sold a contract

[antree]

I sold a contract in Nov. Now my question is does that get reported to the IRS as far as doing my taxes? I didn't receive anything from the Timeshare Store. We just aren't sure what happens. Has anyone sold a contract and then what did you do at tax season?

Thanks, Maria

 

[Mickmse2002]

Yes, it does get reported. You should have received a 1099 when you received the proceeds of the sale. The difference between sale price and cost basis is usually taxable.

 

[antree]

The only thing I received in the mail was the check and my sale price was much lower then what I paid for it. I guess I'll get in touch with The Timeshare Store.

 

[chalee94]

The only thing I received in the mail was the check and my sale price was much lower then what I paid for it. I guess I'll get in touch with The Timeshare Store.

in that case, i'm pretty sure the IRS treats buying a timeshare like it treats gambling: if you're lucky and make a profit, you owe taxes on your gains, BUT if - like most people - you lose money, you can't deduct the losses.

on the bright side, you won't need to complicate your tax calculations...

 

[fatfish]

FYI, TSS has until 2/15/09 to send you a 1099. You may simply not have received it yet.