Time share

SMRetz — Fri, 28 Jun 2019 21:13:51 GMT

We own a timeshare paid for in full that we use for company parties and meetings, we are self employed. Can we deduct annual fees/dues?

Re: Time share

Rainman12 — Sat, 29 Jun 2019 02:25:11 GMT

No. Any business expense must be 'Ordinary and Necessary' to be deductible; A timeshare does not pass either test.

1) If used for Client benefit, it would be classified as Entertainment - which is no longer deductible after 2017 changes.

2) If used for Employee benefit, it would be taxable compensation if for their recreational use, and Ownership neither Ordinary or Necessary for 'parties and meetings'.

If you pursue this, you would have to have (as a minimum) detailed records of Who used facilities, What specific business was conducted, and Why less costly venues would not be suitable.

Re: Time share

SMRetz — Sat, 29 Jun 2019 02:38:59 GMT

THANK YOU FOR YOUR WISDOM AND REPLY.

PEACE AND BLESSINGS, STEVE

topic Re: Time share in Deductions & credits

Time share

Re: Time share

Re: Time share