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santiturbodeluxe
Returning Member

Is time share one time rental taxable?

 
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1 Reply
CathiM
New Member

Is time share one time rental taxable?

It depends on how long it was rented out. Under the 14-day rule, you don't pay tax on income you earn from the short-term rental, as long as you:

  • Rent the property for no more than 14 days during the year AND
  • Use the vacation house yourself 14 days or more during the year or at least 10% of the total days you rent it to others.

If your time share was rented out for more than 14 days, you have to report rental income.  You can also use a percentage of your expenses to offset the rental income. If you don't rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income.

You use Schedule E to report rental activities. Click here on Real Estate Rentals for more information. 

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