Episode Details

If you’re thinking about selling a timeshare, Dr. Friday explains why losses on personal-use timeshares can’t be deducted on your tax return.

Transcript

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Most people who sell timeshares sell them at a loss. That’s just the way it is. The loss of the sale of a timeshare held for personal use is not deductible.

So when you’re dealing with timeshares—and I’ll be honest, guys, I am not a fan of a timeshare. I like visiting, I like to travel, but it seems like they always lock you into something that 20 years later you’re still paying and it’s increased and you don’t have any asset really.

So you sell it, you have a loss. We can’t claim the loss because it’s a personal loss. And therefore, think about what you’re investing into so that you won’t end up putting money into something that us tax people cannot deduct off your tax returns.

Check us out on the web at drfriday.com.

You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.