Normally, the IRS requires you to file Schedule E when you have rental property. On Schedule E, you report all of your income and subtract all of your expenses. In the case of a timeshare, you'd subtract your maintenance fee, any interest that you pay, the cost of renting out your unit and depreciation on the property. Include your net profit of $200.00 as other income.
Here's how to include other income:
To enter as Other Income, here are the steps:
- Sign in to your account, select Pick up where you left off.
- To the right upper corner, in the search box, type in "other reportable income" and Enter.
- Select Jump to other reportable income.
- Next screen, Other Wages Received, select No to continu
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