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Getting rid of a time share. (by Mike N.):

ammam wrote:

Accountant advised me that timeshare is personal property, and that loss on foreclosure and/or sale is non-deductible.

That is correct. I believe, the only time you could take a loss is if you've been using the unit primarily as a rental.

It's ironic that the gov't wants taxes paid on a gain, but you cannot deduct the loss. But here are my two favorites (from IRS Publication 17).

From "Other Income": Bribes. If you receive a bribe, include it in your income.

And from the "List of Non-Deductable Expenses": Illegal bribes and kickbacks