Timeshare purchase

adamrabo — Wed, 05 Jun 2019 05:20:39 GMT

We purchased a timeshare through RCI. Do I need to put that on my taxes and if so where do I enter it?

For a timeshare, only mortgage interest and property taxe...

Marketstar — Wed, 05 Jun 2019 05:20:41 GMT

For a timeshare, only mortgage interest and property taxes are deductible.

To be deductible the loan must be secured by the property.

Maintenance and other assessments are not deductible

To report mortgage interest in TurboTax Online

Click My Account (Top right of your screen).
Select Tools.
In the pop up window, select Topic Search.
In the search bar, type in mortgage interest
Highlight it and select GO, and follow the prompts.

To deduct property taxes , type in property taxes-real estate.