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Angelica
New Member

Can I claim the deposits I made last year when purchasing my timeshare? I received a 1098 form but there's no amount in box 10 and I had to pay the deposits up front.

 
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Accepted Solutions
jerry2000
Alumni

Can I claim the deposits I made last year when purchasing my timeshare? I received a 1098 form but there's no amount in box 10 and I had to pay the deposits up front.

You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

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2 Replies
jerry2000
Alumni

Can I claim the deposits I made last year when purchasing my timeshare? I received a 1098 form but there's no amount in box 10 and I had to pay the deposits up front.

You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.
Angelica
New Member

Can I claim the deposits I made last year when purchasing my timeshare? I received a 1098 form but there's no amount in box 10 and I had to pay the deposits up front.

Thank you very much!
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