Also, can the Assessment (Maintenance Fee), $550, be used to offset the taxes paid on the $650 I received for the rental. Although the rental for my timeshare week was $700, the resort kept $50 as their administrative fees for facilitating the rental for me.
I appreciate any help rendered.
Thanks,
Tony
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Timeshare as per se a rental property ...NO.
Do you report rental income. YES
Reported as a rental and have income report on schedule E and claim your legitimate expenses against it.
You can deduct applicable percentage of expenses only up to income ,no losses are allowed.
Timeshare as per se a rental property ...NO.
Do you report rental income. YES
Reported as a rental and have income report on schedule E and claim your legitimate expenses against it.
You can deduct applicable percentage of expenses only up to income ,no losses are allowed.
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