Manhattan Club Lawsuit

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Re: Re: Manhattan Club Lawsuit (by Brian M.):

nathanz2 wrote:
People can believe what they want to believe. However, personal losses are not deductible. Saying you have an appraisal is irrelevant. An appraiser is an expert in valuation, not taxation. If you make the case it was a Ponzi scheme, it would still have to be in connection with an investment. And a one week timeshare is not considered real property by the IRS. So, unless you want to get acquainted with one of Joe's new IRS auditors, get competent professional advice.

True, most timeshares are not considered real property by the IRS. But, in the case of TMC, unlike most timeshares, the property is deeded. I paid property tax on it. Seems like real property to me! Still, I'm reluctant to clain it as a writeoff without further guidance.