Time share rentals

[JimPC]

In 2024 I rented out my Mexican fractional ownership five times. Each time was for 7 days. I also stayed there for 21 days straight. I have received a 1099-k  reporting $12,900income. Do I need to report this income?

[JamesG1]

The income has been reported to the IRS on an IRS form 1099-K.  The IRS will be expecting to see that income reported in some manning on your Federal 1040 income tax return.

These are some of the examples of how IRS form 1099-K income may be reported.

The income may be reported as rental income on Schedule E Supplemental Income and Loss.  This TurboTax Help may be helpful.

To establish a rental activity withIn TurboTax Premium Online, 

1. You will select Wages & Income down the left side of the screen.
2. Then you will click the down arrow to the right of Rentals, Royalties, and Farm.
3. Then you will click to the right of Rental Properties and Royalties (Sch E).
4. You would establish a rental activity.

Report the IRS form 1099-K income as the income to the rental activity.

Ordinary and necessary expenses related to the rental activity may be deducted against the rental income.

See also this TurboTax Help.