OK so my husband and I purchased a timeshare last August.
SOO far and it seems like all travelling that we'll be doing under it is for business.
Can I write it off as a business expense? What about 30 years from now when we're old and retired and still using it, it'll be long paid off but will it cause issues?
2007-07-17 02:14:23 · 3 answers · asked by Nic. 3 in Business & Finance ➔ Taxes ➔ United States
USA / Ohio
2007-07-17 02:14:38 · update #1
You can write off the percentage that it is used for business. You will need to check with your tax professional for that percentage. I have a feeling it will be similar to an office in home deduction where you can write off a percentage of the upkeep, utilities etc., but not the actual mortgage.
2007-07-17 02:35:22 · answer #1 · answered by Don 5 · 1⤊ 0⤋
You'd have to give a lot more info on how it is for business for anyone to give you a solid answer. Talking to a CPA with all the details, and answering his or her questions about it, would be the best way to get good advice.
2007-07-17 03:30:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
This is a question for your accountant. The situation is different for everyone. Check the irs.gov website to see if there is any information there.
2007-07-17 02:22:35 · answer #3 · answered by Tellin' U Da Truth! 7 · 0⤊ 0⤋