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Worthless time share

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H

hhamner

Guest
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.
 


L

loku

Guest
Time share 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.
 

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