Thank you to all who replied to my previous questions, but I am unclear as to how to fill out Turbo Tax’s questionnaire. I got stuck at “location”. Here is my situation, again, with some additional information and questions.
In 2021, I rented out 4 timeshare units (2 units for 3 days each in Newport, RI and 2 units for 2 days each in Atlantic City, NJ). The rental agency I used sent me Copy B of a 1099-MISC for the total income the rentals generated.
My timeshare ownership is deeded in Florida (The timeshare corporate offices are also based in Florida.) but, being points-based, is not attached to any particular unit or time period. I pay maintenance fees and real estate taxes on those points, which are used to make reservations at any of the 100 member resorts, not just the Florida property, which I never even have to visit. Last year, my family members and I accumulated 47 personal use days at various resorts, but only 4 were actually at one of the resorts rented out (Newport, RI).
Questions:
- How do I list the location(s) in Turbo Tax?
- If I have to use the Newport and Atlantic City addresses, do I list each one twice because there were two rentals at each location, or may I combine them?
- Since I spent 4 personal use days at one of the rental locations (Newport), but 47 at various other resorts in the timeshare “system”, how do I report my personal use days?
This is the only section in Turbo Tax that is preventing me from completing my return, so if there is anything else I should know for my particular situation, I would appreciate that information as well.
