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Re: Getting rid of a time share. (by Carvan A.):

julias32,

I agree with what you say but would also add that there is a significant difference for tax purposes between the transfer of a timeshare to a charity as Ellensue has done and the sell of a timeshare at a loss. One may deduct capital losses on investment property only and a timeshare purchased and used exclusively for personal purposes never qualifies for the capital loss deduction.

The capital loss is offset against capital gains and is limited to $3,000 per year for a married couple. Claiming a capital loss on the sell of a timeshare is in my opinion and experience a "red flag" for an IRS audit. Anyone misled by a sham resale company into believing they can claim a capital loss on the sale of a timeshare should check first with their tax attorney or tax advisor or go to IRS.gov for more information.