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Timeshare Seminar |
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Dear Edith: With regard to your recent comments on time shares would you be able to help me with the following?
Recently a seminar was held locally and we were told that according to a class action suit, the Internal Revenue declared timeshares of zero value and the original cost of up to $3,000 could be declared as a loss each year on IRS Schedule D. For a certain dollar amount these people would take the time share off your hands and handle all the paper work.
I have not been able to find any information on this issue. However, I find it hard to believe that these seminars are been held nationwide without any proof that it is legal. |
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The only thing I can think of is that you are allowed to deduct a capital loss on the sale of rental property. Perhaps if the timeshare is in a rental pool this tax dodge might be possible. I am not an accountant or a lawyer, but offhand I’d imagine there would be some questions about whether you had treated that timeshare as investment property on previous tax returns – declaring any income, claiming depreciation expense and the like. At any rate, you’d better consult your own CPA, tax lawyer or enrolled agent for advice before doing anything about this.
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Edith
Originally published on February 6, 2006 |
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