I own a timeshare deeded in Florida. The ownership is based on the point system which allows my to use points for vacations at any of the resorts within the system. I used some of the points to rent 4 units, 2 in Newport, RI for 3 nights each and 2 in Atlantic City, NJ for 2 nights each. After general fees and commissions were deducted by the rental agency and resorts, both owned by the timeshare corporation, my net income was only 49%, yet I received a 1099-MISC from the rental agency for the full amount of the rental income. May I deduct the commissions and fees or do I have to pay taxes on the entire amount?
