Capital gains tax is defined as a tax on any profit made during the sale of a non-inventory asset.
In this case, selling your timeshare property would fall under that category. Some of the most common capital gains tax comes from acquisitions such as stocks, bonds and property. Capital gains tax is not implemented worldwide and some countries do not have capital gains tax. The ones that do may also have differing laws in regards to capital gains tax.
Additionally, the countries that do have it may also have a distinct rate for both individuals and companies. In the US, both individuals and companies are charged on annual net gains. If you happen to turn a profit with your timeshare resale, you will need to pay taxes on the net profit from that sale.
If you have any additional questions regarding capital gains tax, feel free to contact us.
