taxes on disney resale

[bnelms]

It is my understanding that if I sell my points I will recieve a 1099 for my taxes next year. However, will I have to pay taxes on the amount I sell for or just the amount that is considered profit? So assuming I bought for 15000 after financing and sold for 15000 would there be any taxes due? Any help will be greatly appreciated.

 

[Cruelladeville]

I have never received a 1099 on the sale of a timeshare! Who is sending them to you? Legally, you are only responsible for the profit, but I don't think there is any such thing as profit, strictly speaking, when you talk timeshare. Once you figure in your maintaince fees, you're lucky to break even. I will be interested in hearing if anyone has received a 1099 on the sale of their timeshare, because I don't know who would send you one, Disney or the agency that sold your timeshare.

 

[T.E. Yeary]

When you sell your timeshare you should receive a 1099 from the title company that did the closing. It is then up to you to declare a profit or loss on your tax return.

Tom