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Sold last timeshare for cash!! (by Tracey S.):

Phil, Congratulations. It can't hurt to put it on your tax forms showing you didn't make any money. It probably would be ok to leave it off too because if you were audited you would still be able to show that you didn't make any money and therefore don't owe any taxes. But off course I am not a tax pro and this is my opinion and not advice. :)