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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
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
