Tax Time - Help With Form

[Eric Tedford]

I am attempting to do my taxes with TaxCut. I have also sold my Vacation Club this year. I received a 1099-S in the mail showing gross proceeds (what I sold it for). Where would I put this in the program? I am assuming that if I sold it for less than I purchased it, then I could deduct the loss. Do I also have to depreciate?

If anyone has any clue, please let me know.

Thanks

 

[BethR]

Hi Ted! And welcome to the DIS!

Have you gone through the "interview" yet with your Tax Cut? When you do that you SHOULD be asked something about selling property.

Let us know...

 

[Eric Tedford]

However, I don't know how to treat the property. Because it has an expiration to it, I must somehow have to depreciate the value, yes?

 

[BethR]

However, I don't know how to treat the property. Because it has an expiration to it, I must somehow have to depreciate the value, yes?

Having never done that, I don't know. I would think that TaxCut would have the "questions" to ask you so that you get the right answer. When you put in that you sold property, what additional questions were you asked? Did you do a search on the program for "sales of time shares?"