I understand we need to claim the income from timeshare rental. Did not receive a 1099 and questions for rental property do not apply. What do I do?

[ramanwaring]

We rented out our timeshare week through VRBO and they don't provide a 1099 under a certain dollar amount. The questions under rental property do not seem to apply i.e. percentage of the property owned. How do I proceed.

[Carl]

Did you rent out the property for less than 15 days for the entire 2020 tax year?

[ramanwaring]

We rented it for one week

[Carl]

See IRS Topic 415 at https://www.irs.gov/taxtopics/tc415

Minimal Rental Use

There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

[tagteam]

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@Carl wrote:

There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

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However, that rule can only be utilized if the owner uses the dwelling unit as a residence and, in order to use a dwelling unit as a residence, the owner has to use it for personal purposes for more than the greater of:

1. 14 days, or
2. 10% of the total days you rent it to others at a fair rental price.

In this case, it doesn't appear as if @ramanwaring used the unit for personal purposes at all, not even for one day. As a result, the special rule would not apply and @ramanwaring would have to report the income.

[arlene8693]

Have 1099-misc for 5 day TIMESHARE rental and later used timeshare personally for more than 14 days so no taxes owed per your reply . How do I report it so I do not pay taxes on the 1099-misc box 1 rent ? TT  says not to use Schedule E for rentals less than 15 days.

[tagteam]

You can either not report it at all or report it as miscellaneous income with an exact offset for the amount on the 1099-MISC.

The former would probably be preferable but could create a mismatch. If you are questioned, however, the response would be as simple as the fact that the rental (which was used as a dwelling) was for less than 15 days.