1098 For Marriott Ownership Resort

[Homefries]

I have a mortgage with Marriott Ownership Resorts and they have supplied a 1098 showing mortgage interest paid.  This is for their destinations program and you have ownership in their trust which allows you to stay at any number of resort properties.  Is this mortgage interest deductible since I don't own a specific piece of property with this program?

[AamilD · Accepted solution]

It depends. You can deduct interest on a timeshare if it is deeded and recorded in public records and it meets all the requirements for deducting mortgage interest.

Additionally, if you rent out the timeshare during the year, you must also use it as a home for more than 14 days or more than 10$ of the number of days it is rented. You count your days of use and the days of rental only during the time you have a right to use it or to receive any benefits from its rental.

Mortgage interest can only be claimed on a maximum of two homes (main home and a second home). If you have mortgages on two homes and a timeshare, you won’t be able to deduct the mortgage interest on one of those properties.

[Justin05232000]

where do i enter this form on my tax return? is it considered a second home? I only have one primary home and the marriott ownership.

[SantinoD · Accepted solution]

Since you have a primary home, the Marriott property would be considered a second home and should be entered as such in TurboTax. 

Here's how to enter your mortgage interest statement in TurboTax:

1. Open or continue your return, if you haven’t already
2. Locate the search bar in the upper right of your screen, and search for 1098. Select the Jump to link at the top of the search results
3. Answer Yes on the screen Did you pay any home loans in 2022?
4. On the following screens, you can choose how to enter your 1098:
   • If your lender is a TurboTax partner, you can import your Form 1098. Search for your bank or financial institution and enter your login credentials to begin the import process
   • If you prefer to upload a copy of your form from your device, or type in the info yourself, select Change how I enter my form and follow the instructions on the next screens
5. As you continue through the screens, answer the questions about your mortgage according to your situation and enter or confirm the info from your 1098

If you're using the mobile app, use these instructions.

@Justin05232000 

[Cglg1965]

If I do not own a home but have the above would it go under primary, second or other

[ErnieS0]

The federal itemized deduction form, Schedule A, does not split mortgage interest into primary or secondary. It's all added together and reported on one line so it doesn't matter where you put it.

In your case, time share interest would fall under second (or vacation) home since you don't have a main home.

@Cglg1965