You can deduct the annual dues to the extent you use the membership for rental purposes. If you never use the points personally, you can deduct 100% of the dues, otherwise, the deduction would be reduced by the percentage of personal use involved.
You can only deduct the points in the year that you rent them out. Thus, you may have an inventory of points at the end of the year. You can report those as inventory on your business entries in TurboTax, along with the associated purchase amount. In the business section of TurboTax, look for the Inventory/Cost of Goods Sold section, that is where you enter your purchases and inventory.
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