I used a company to acquire my Timeshare unit from me. I had to pay them a fee to do that. They said I could deduct the loss plus the fee I paid them on my taxes. Before I do so I wnat to know if this is within the IRS rules.
2007-02-05 10:27:38 · 2 answers · asked by rowlandkeenan@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
If you want to know if you can deduct interest/fees on Schedule A of your 1040, my guess is yes, if you only claim two "homes" total on your 1040 return. If you already claim two "homes", then my guess is no, you cannot.
If you are treating the timeshare as rental property, then go to IRS.gov and search for the following publication:
That would be the best answer I know of.
Publication 527 (2006), Residential Rental Property
2007-02-05 10:51:42 · answer #1 · answered by LuvDylan 5 · 0⤊ 0⤋
The IRS will allow you to write off the interest if you have set weeks. If it is points based no. Set weeks are considered real property and interest maybe deducted like your home.
2007-02-13 03:59:27 · answer #2 · answered by dango46 3 · 0⤊ 0⤋