Sold a DVC Contract - 1099S

[BWV Dreamin]

I recently sold a DVC contract for less than it's original purchase. I received a 1099S for tax purposes. When filing this on my tax return will I get to defer taxes since I did not sell at a profit?

 

[chalee94]

check with a tax specialist, but i'm pretty sure that buying a timeshare is like gambling: if you make money, the gains are taxable...but if you lose money, losses are not deductible.

 

[silmarg]

Personal losses (which a timeshare loss would be) are not deductible.

If it was a gain, it would be taxable.

PS - I am a tax professional

 

[silmarg]

No deferral of losses... nothing like that at all.