Didn't use time share in 2020 but rented it out for the week. Received a 1099-NEC for the rental amount which was more than my yearly maintenence fee. Can I deduct my maintenence fee (lower the impact of the 1099NEC)? If so, where would I enter it?

 
MinhT1
Expert Alumni

Deductions & credits

There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

 

You can ignore the form 1099-NEC and not report it on your tax return. Just keep it in your tax records for at least three years.

 

Please read this IRS document for more information.

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Deductions & credits

Thanks for the info.  Saved me a lot of research and was very timely.