I am in the process of transferring my Timeshare Investment to X. They are to complete the entire escrow and title transfer for me. I signed an agreement with them on October 15th in which they provided me a worksheet delineating the figures I should enter on my 1040 tax Schedule D for the tax year 2006. Can you enlighten me ?
Sounds like you used a timeshare selling company to sell your timeshare. Your net proceeds should be capital gain. Your holding period (how long you owned it before the sale) will be relevant to determining if you have long or short term gain. Unless you provided the company with the purchase price and date, or they originally sold it to you, you'll need to use that information in addition to what they provided you, in order to complete your tax return. Schedule D is the schedule or form that you attach to your personal income tax return Form 1040 to report your gain (or loss, as the case may be) from the timeshare.
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