We have a time share in Mexico for two weeks every year. We have not used it in several years and put it up for rent; it doesnt always get rented but did last year

It was rented in 2016 and we received a check for a partial amount of what the property management received for it. We pay an annual maintenance fee and the partial amt did not cover our maintenance fee, but we did receive a 1099-MISC for the entire amt. How do I report this?

466

Expert Alumni

Jun 3, 2019 11:57:30 AM

If it was rented less than 15 cays you are in luck, the income is not required to be reported. Maintain the document in your files but you are not required to enter it on the tax return.

If the property qualifies as a residence (or vacation unit) and is rented for less than 15 days during the year, the rental income is not taxable. Nor are any expenses deductible, other than property taxes and mortgage interest, if applicable.

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We have a time share in Mexico for two weeks every year. We have not used it in several years and put it up for rent; it doesnt always get rented but did last year