“Can I Deduct My Timeshare As A Loss On My Taxes?”
First of all you must know that I am not a tax advisor, or an attorney. You may need to retain an attorney or hire a tax accountant to resolve this question at some point.
However, as a rule, the answer is no: You are not generally able to deduct any losses on a timeshare purchase or resale.
Over the years this question has been tested with the IRS in a number of ways and they (the feds) always consider a timeshare to be a depreciating luxury item that does not have prospects of growing in value. In other words, consider the value of an automobile when you first buy it. If you were to sell it the next month you’d not get what you paid for it. You would get less. That loss is not deductible for tax reasons.
And so goes for timeshares.
You may have paid $20,000 or more for your timeshare, and sold it for far less. The difference is a loss but it is not a loss that the IRS will allow a deduction for.
If you need more info on this or any legal or tax questions call an attorney or tax accountant.
It just might save you some aggravation.
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