Can I get a tax deduction for selling my timeshare at a loss?

July 19, 2009 8:13 PM

Years ago, I bought a timeshare. (I know, I know! What was I thinking?!) I'm ready to get rid of it, and I'm completely aware that there's no way I'll make back my purchase price. But can I take it as a loss on my US federal taxes and/or Oregon state taxes? Any tips on the proper way to go about it (what forms to use, etc.)? Many thanks in advance, hivemind!
posted by browse to Work & Money (3 answers total)

Short answer, it's probably a long-term capital loss. Yes, there would be a deduction. Phone your accountant before the closing.
posted by JimN2TAW at 9:46 PM on July 19, 2009

Yeah, you just need to talk to your accountant and/or lawyer. So yes, you can do this, and it's not that hard. But any more than that and this answer starts to look like legal advice, which it isn't.
posted by valkyryn at 4:36 AM on July 20, 2009

Have you considered donating the timeshare?
posted by exogenous at 5:57 AM on July 20, 2009