Apex Professionals / Sales Rep provided bad tax information
Apex Professionals are giving their customers bad information regarding taxes. I prepare taxes and I had a tax client come in last week who paid Apex Professionals $2700 to "take" her timeshare. As part of Apex's sales pitch to her, they told her she could deducted the loss of the timeshare on her federal tax return. The Apex rep calculated my client's loss on the timeshare and even filled about a sample Federal Schedule D - Capital Gains and Losses for her. That is not correct. My client owned her timeshare for personal use for 18 years. She did not purchase it for investment purposes, nor did she ever rent the timeshare. Therefore, it is considered personal property and the tax laws are very clear that you cannot deduct a loss on the sale of personal property. I have called Apex three times regarding my client's issue and they will not return my call. The woman at the Apex call center is very polite and says she will pass the information on to the appropriate person, but I have yet to receive a phone call back and it has been a week.