Can Timeshares yearly dues be deducted on federal income taxes?

Answer 1

no

Answer 2

Normally not with the general exception of any portion that can be identified as property taxes. If you are making payments the interest portion should be deductible. If you rent the timeshare to others you may be able to consider it a not for profit rental and declare the income on Line 21 of your Form1040 and any expense on line 22 of Schedule A if you itemize.

Answer 3

If any of the dues are directly related to, and identified as, property taxes, then that portion is deductible on Schedule A, just like proprty taxes that you pay on your home.

Most timeshare companies I have seen give a clear breakdown, so you know what you can claim and what you can't.

Answer 4

particular, tax withholding is mandatory. you may only declare EXEMPT prestige on your sort W-4 in case you had 0 tax legal duty final year (with the help of the IRS' regulations, no longer yours!) and anticipate to have 0 legal duty this year (returned, using the IRS' regulations.) Your corporation is likewise required to tell the IRS of any obvious fraudulent withholding exemption claims and there's a significant penalty for submitting a fraudulent sort W-4. Tax is due while the income is earned, no longer on the submitting cut-off date. this is the reason of withholding from wages or the requirement to pay quarterly predicted taxes on income no longer undertaking to withholding. you may "have faith" that the income tax is prohibited all you choose for, as long as you pay it. there's a ship load of legislations and case regulation that for sure refutes any argument you may care to enhance yet you're entitled on your opinion, defective because it may desire to be.

Answer 5

Skip is correct.

Answer 6

no