Sell-My-Timeshare-Now.org

Obviously, in any financial transaction, where money and profit and loss is an issue, the IRS demands they know what the transaction entailed.. Its quite simple, if you made a profit on the time share ,the difference between the bought price and the price you sold it at,, will determine your profit or loss.. Your 2008 taxes must reflect the profit or loss.. The information of the sale will be furnished to the IRS and you will need to properly submit it.. If you made profit,, you will be taxed on the profits,, if you lost money ,You will be allowed a deduction on your tax form for the loss.. Pretty simple really!! YOU’LL be fine.. SOLOMON

It means the amount shown should be the same amount they will send you in January 2009 on a 1099 – it’s considered income from a sale.

If you put the money into a ‘like kind’ investment (real estate or qualified retirement plan) then it will not be taxed as regular income. If you spent it, yeah well you just gave yourself a bonus and it will be taxed as regular income.

Check with your local accountant to make certain.

The W-9 is the form used to request your SSN by anyone that needs it for tax purposes. Filling out the form will have NO effect on your taxes. It will only allow for the REQUIRED reporting of the proceeds of the sale to the IRS. If you sold the timeshare for MORE than your tax basis (the amount you bought it for adjusted for certain items), the difference is taxable as a capital gain. If the timeshare was your PRIMARY residence for 2 of the last 5 years, you could exclude $250,000 of gain from your taxable income.

G N A: There is NO amount on a W-9. it is used to REQUEST a persons SSN so they can complete a 1099 or other tax document.

solomon: Are you SURE a loss on a timeshare is deductible? A loss on a primary residence IS NOT. I recommend asking you accountant about the timeshare.