Can you write off the loss taken on selling of Timeshare?
Tuesday, August 11th, 2009 / Joe
Category: selling timeshare
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No. That’s strictly a personal expense and is not deductible.
No, you can’t – that’s a personal expense and not tax deductible.
No, personal losses are not deductible.
NO!
We have an unusual case. I inherited the timeshare from my parents. I have never been there. Was appraised at the time of death by lawyer requested appraisal to be $3000 per week. We have 4 consecutive weeks. After 4 years of paying the fees and being unable to sell the timeshares – we are deeding them back to the resort. It was never a vacation home – only an asset I inherited. Would that change your answers? Thanks.