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Old 02-02-2005, 08:10 AM
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Join Date: Feb 2005
Posts: 2

1099-s

What is the name of your state? NY

I am attempting to do my taxes with TaxCut. I have also sold my Disney Vacation Club this past year (2004). I received a 1099-S in the mail showing gross proceeds (what I sold it for). Where would I put this in the program? I am assuming that if I sold it for less than I purchased it, then I could deduct the loss. Do I also have to depreciate because there is an end date to the Vacation Club (Ends in 2042)?

If anyone has any clue, please let me know.

Thanks
  #2  
Old 02-02-2005, 11:58 PM
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Join Date: Aug 2003
Posts: 1,848
Proceeds of sale goes on Schedule D.

You only depreciate business property, not personal. You might want to consider professional help for this one.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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