Worthless time share

My wife and I purchased a time share in 1998 for $6,500. We tried to sell it but there is no value. I would like to write it off as a worthless investment. I live in Texas and do not have any Capital Gains to offset a Capital Loss.

If you owned it as an investment, then you would have a capital loss from its worthlessness. You could deduct $3,000 of the loss this year and carry over the remainder of the loss to next year and the year after.