The "property" in question is a "points based" timeshare which means that the taxpayer doesn't actually own property or real estate of any kind, more like a right-to-use contract. Below you mentioned that a depreciation deduction could be taken but not sure how that would be allowed if they don't own property/real estate. So can they deduct a portion of their upfront cost of the contract, and if so, how is this shown on the return - as depreciation or what?
