How to file taxes for TimeShare Property I bought?

Question

Can I file taxes for the timeshare property I bought last year? If I could, what part of fees that I can file on the income tax?How about for the expenses we had when we went to Florida to buy that property? Is it considered as business trip? Can I also file all the expenses we had during that trip?Where in the tax form should I include all of those expenses? And also for the property itself, where in the form should I include the fees?Please help me. Thanks

Answer 1

None of the expenses for your trip to buy the timeshare are deductible, and no, it's not a business trip.

You might be able to deduct interest on a loan to purchase it if the loan is secured by your interest in the property, and isn't just a personal loan. See IRS Publication 936.

Answer 2

My old boss has one he ought to promote too. at the same time as you actually may use it once a year, you may nicely be very constrained on what week you should use it. If that's already booked once you settle on to take your vacation, there is no longer a lot you may do. that's easily a kind of issues that once you note it and are offered it by ability of someone persuasive, it sounds like a magnificent issue yet upon getting it, many desire they did not. What in case you don't need to bypass there for vacation or finally end up no longer making use of for a year or 2 yet are nevertheless making funds? so a procedures as renting it, if that's in a much off city, and the renters damage the walls, plumbing, and so on., how can you deal with that? truly oftentimes, if that's a sea coast-the front or mountain view vacation you're searching for, there'll be houses that you'll be able to employ only for per week or 2 and not in any respect have the problem and funds keen a pair of timeshare. sturdy success!