|
Posted by R. Pile on April 22, 2008, 1:43 pm
Please log in for more thread options
A time share condo was bought and sold at a loss within the same
calendar year. Used only for personal use.
Reported as a short term capital loss on Schedule D or not reported as
a personal loss?
========================================= MODERATOR'S COMMENT:
Assuming this is not a main home subject to Sec 121 exclusion,
report on schedule D as a sale of second home, and show the loss. On the
next line write "Personal Sale - Loss Disallowed" and enter that loss as a
positive amount, so the result is zero gain/loss.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Bill Brown on April 23, 2008, 12:35 am
Please log in for more thread options
> A time share condo was bought and sold at a loss within the same
> calendar year. Used only for personal use.
>
> Reported as a short term capital loss on Schedule D or not reported as
> a personal loss?
>
Losses on the sale of personal use assets are not deductible. That
includes losses on personal use time-shares.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by John D. Goulden on April 24, 2008, 6:21 pm
Please log in for more thread options >> Reported as a short term capital loss on Schedule D or not reported as
>> a personal loss?
What about gains? If the OP had sold the (personal-use) time share and made
money on the deal, would that gain be taxable? If so, how is it reported?
What about someone who purchases a used car, drives it for a few months
(personal use), and then sells it for a modest gain? Is that gain taxable?
THANKS
--
John D. Goulden
========================================= MODERATOR'S COMMENT:
Yes, gains on sale of personal property are reported on schedule D
and are taxable.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Phil Marti on April 24, 2008, 7:43 pm
Please log in for more thread options "John D. Goulden" wrote:
> What about gains? If the OP had sold the (personal-use) time share and
> made money on the deal, would that gain be taxable?
Yes
> If so, how is it reported?
Schedule D of the 1040
> What about someone who purchases a used car, drives it for a few months
> (personal use), and then sells it for a modest gain? Is that gain taxable?
Yes.
Not that you asked, but both these hypothetical buyer/sellers would also
have line 21 miscellaneous income for the payment they got from Ripley's
Believe It or Not.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Seth on April 25, 2008, 6:30 pm
Please log in for more thread options >"John D. Goulden" wrote:
>> What about gains? If the OP had sold the (personal-use) time share and
>> made money on the deal, would that gain be taxable?
>> What about someone who purchases a used car, drives it for a few months
>> (personal use), and then sells it for a modest gain? Is that gain taxable?
>
>Not that you asked, but both these hypothetical buyer/sellers would also
>have line 21 miscellaneous income for the payment they got from Ripley's
>Believe It or Not.
Back in the 1970's, there was at least one year you could buy a Diesel
Rabbit new, and sell it used the following year at a profit.
I'm sure there has been at least one case of someone buying a (used)
timeshare at a fire sale and flipping it for a profit.
Seth
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Anyone have experience with Medi-Share? | January 12, 2007, 2:47 am |
| Employer share of self-employment tax if reached FICA max as employee earlier this year | October 7, 2007, 7:01 pm |
| Bought 1000 shares of a stock, sold off in two 500 share loads at 2 diff times | April 16, 2007, 6:26 pm |
| Doing it again, but right this time... | March 16, 2007, 1:12 pm |
| First Time Homebuyer - $ from IRA | January 6, 2007, 12:02 am |
| llc first time tax questions | February 15, 2008, 4:21 pm |
| Paid time off and tax | June 26, 2006, 1:56 pm |
| Filing for first time in 10 years... | January 26, 2007, 11:52 pm |
| AUDITED for the first time -- some questions | February 27, 2007, 3:36 pm |
| life time gift tax? | April 19, 2006, 12:57 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap