1099-s

[ketedford]

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

 

[Snipes5]

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