topic If i paid interest on my timeshare, where do I enter that amount? in Deductions & credits

If i paid interest on my timeshare, where do I enter that amount?

jessicaking0127 — Sat, 01 Jun 2019 02:24:13 GMT

KenH1 — Sat, 01 Jun 2019 02:24:15 GMT

You can deduct the mortgage interest on a time share if:

1) You own the time share (you are not renting it),

2) You are treating it as your second home,

3) You are legally obligated to pay mortgage on the timeshare and the loan is secured.

Here are the steps:

1) Select Federal Taxes from the top menu

2) Select Deductions/Credits (just below Federal Taxes)

3) Click the Edit/Add button next to Mortgage Interest, Refinancing, and Insurance

4) Select Add a Lender and answer the interview questions

Hope this helps.

PETER R — Mon, 13 Jul 2020 15:08:26 GMT

Where do I deduct the Real Estate Tax related to my Time share?

AnnetteB6 — Tue, 14 Jul 2020 02:34:33 GMT

Use the following steps to enter your property tax (real estate tax) for your time share:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “property tax” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to property tax”
Click on the blue “Jump to property tax” link and enter your information