The
IRS says that if you rent out your house for 14
days or fewer during the year, you don't have to report the rental income on your tax
return.
However,
that rule would treat your timeshare as a vacation home only if you
personally use it for at least 15 days during the year in addition to the days it is rented.
If
you don't meet both 15-day rules, the income is taxable. This means that you
must own a timeshare a minimum of three weeks at a single resort, with at least
15 days used personally.
This
will be reported in TurboTax as Rental Income on Schedule E. Deductions allowed
include annual maintenance fee, advertising, rental commission, depreciation,
property taxes (if you pay them separately from the maintenance fees) and
interest on your timeshare.
