If I bought a timeshare for $7K in '00 and sold it for $4K in '05, would this be a capital loss on tax returns

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If I bought a timeshare for $7K in '00 and sold it for $4K in '05, would this be a capital loss on tax returns

The timeshare was only personally used and never rented out.

2006-12-03 16:37:42 · 1 answers · asked by Yashi S 1 in Business & Finance ➔ Taxes ➔ United States

1 answers

No, since it was for personal use, and not bought and used as an investment by renting it out rather than using it personally, the loss is not deductible. Sorry.

2006-12-03 17:09:27 · answer #1 · answered by Judy 7 · 1⤊ 0⤋