Hello
I am hoping someone can assist me with a few questions regarding rental property. We own 2 weeks of a timeshare. They are fixed weeks every year. One is during Thanksgiving and the other is in February. We pay a maintenance fee for each week we own. They are at the same property but different guest houses. We pay a maintenance fee for each week we own of around $1100 each week.
Last year we used the week during Thanksgiving but we rented the week in February. I did receive a 1099-MISC from the timeshare and I have a few questions about how I enter this in my taxes.
1. I assume for Property Description, I can just put timeshare, correct?
2. It asks "what type of rental is this" do I select the option "vacation or short-term (used for personal purposes and rented for short-term periods"? Or do I select Other and enter Timeshare?
3. On the "Do any of these situations apply to this property" I am not sure what to select there. I had rented it years ago but don't ever recall getting a 1099-MISC. Do I select 2024 was the first year I rented the property? Do I select I converted this property from personal use to rental in 2024? Both? Or do I select non of the above? (as an FYI this year 2025 we rented the february week for 2 nights only and used it for the other 5 nights)
4. I assume I select that the "Property was not rented all year" seeing as we don't own the full year.?
5. seeing as we own a week in 2 different units, when it asks how many days we rented it I assume we put 7 and do we put 7 days used for personal use? Or because it is a different unit, do we put 0 days of personal use?
6. For Property Ownership do we select that we do NOT own 100%?
7. Do I put $1100 under cleaning and maintenance for the 1 week or can we put 2200 because we own 2 weeks (even though we only rented 1)
Thank you
