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pcantral
New Member

Can I deduct maintenance fees from time share rental income in Turbo Tax and where do I accomplish it?

 
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3 Replies
MindyB
Expert Alumni

Can I deduct maintenance fees from time share rental income in Turbo Tax and where do I accomplish it?

Yes, you can deduct maintenance fees for your timeshare rental (prorate the amount if you used the timeshare personally). 

 

Here's how to do this in TurboTax Online:

 

  1. Navigate to Federal > Wages & Income > Rental Properties and Royalties (Sch E)
  2. Edit the rental using the pencil icon
  3. Choose Add expense or asset
  4. Select Miscellaneous expenses
  5. Miscellaneous expenses will now populate in your list of expenses for this rental; choose the pencil icon to edit, and add a description and the amount.
pcantral
New Member

Can I deduct maintenance fees from time share rental income in Turbo Tax and where do I accomplish it?

There isn't a drop down to add an expense.  What do I do now?

PatriciaV
Employee Tax Expert

Can I deduct maintenance fees from time share rental income in Turbo Tax and where do I accomplish it?

If you're using TurboTax Online, to go the rental property summary page and click "Add Expense or Asset." Miscellaneous expenses should appear at the bottom of the next page.

 

If you're using TurboTax Desktop, click Start/Update beside "Expenses" on the rental summary screen. "Any miscellaneous expenses?" appears after several other questions.

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