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Submitted By: Walter
Answered: August 5, 2014 8:30 am
Answered: August 5, 2014 8:30 am
I bought a time share in 2007 for $28,000 and sold it this year for $5,700. Can I deduct a loss?
If you bought the time share for personal use, then just as in the case of a sale of a principal residence, no loss is allowed. If you bought the time share for investment purposes, you may be able to take the loss as a long-term capital loss.
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Tax Glossary
Home equity debt
Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).
