Capital Loss in Florida

FL - I had a deeded time share sold in Florida at a loss. First, do I need to file a florida state return and second is there a deduction benefit i can claim in florida? I know I can claim it is a capital loss and carryover on federal just not sure on florida.What is the name of your state?

Why do you think a loss on the sale of property not intended to produce income is a capital loss? Unless there are some facts you are not saying, I don't think you can deduct the loss on the timeshare.

steve51168 said:

FL - First, do I need to file a florida state return....

Click to expand...

Well, since Florida has no personal income tax....

You can only claim a loss on investment property. Personal-use property cannot give rise to a capital loss. Unless you were actively trying to rent out your portion & filing Schedule E every year, rather than using it or swapping it for time elsewhere, it was personal use property. The loss is not deductible.