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Level 2
posted Nov 22, 2020 12:05:38 PM

Are there any things that I can deduct from the timeshare that I own?

My timeshare annual statement shows Real Estate Tax, Maintenance Fees, Reserve Fee and Special Assessment fees from hurricane damage.  Also, if my timeshare is rented out by facility do I have to claim the amount paid to me as rental income, and where do I do that?  Do I have to pay self employment tax on that?   If so, can I deduct the commission fees they charged me?

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1 Best answer
Level 12
Nov 22, 2020 1:06:29 PM

Deduct the expenses that relate to the rental portion by the number of days rented....commissions are deductible from your rental income which must be reported on SCH E or SCH C if substantial services are provided to the renters.....you should be using a tax pro for your returns.

1 Replies
Level 12
Nov 22, 2020 1:06:29 PM

Deduct the expenses that relate to the rental portion by the number of days rented....commissions are deductible from your rental income which must be reported on SCH E or SCH C if substantial services are provided to the renters.....you should be using a tax pro for your returns.