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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
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
