Sold last timeshare for cash!!

As I have posted before here and Tug we sold our Lake Tahoe timeshares 2010,2012 and last one in 2013. We sold to a family that contacted us during their stay in our building and had read some of my postings about selling other two units. With our daughter married and living in Texas we wanted to down size and spend more of our time visiting them and not going to our timeshares as much. They contacted us on the PM Tug site because of my postings helping others about our resort and made us a offer on our eoy unit. Since they lived within sixty miles of us after all paper work finished with help from our resort he met and gave us $1500 in cash.

Since we sold for less than paid do we need to still enter this on our tax forms this year? We did list other two times but the buyers paid by check.

PHILL12

Just further proof that one does not need to pay a large, upfront fee to some entity to sell his timeshare.

As I have stated many times the best time to sell is when vacationing at your own resort. Sold first two while up there and third one from someone reading my post over the years. We decided we were ready to sell first two units but hadn't thought of selling last unit at this time we had to think about it after the people made a offer. It helps to also own a resort and area many people want to vacation.

PHILL12

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. :)

I just talked to H&R Block at their office and the lady couldn't tell me but said to call IRS. These people been doing our taxes since early eighties and can't answer what should be simple question for them! Because of them being no help and really over charging us last three years this year we had our taxes done some where else for half the cost. They had no problem calling IRS and asking about our sale at a loss.

PHILL12