Didn't use time share in 2020 but rented it out for the week. Received a 1099-NEC for the rental amount which was more than my yearly maintenence fee. Can I deduct my maintenence fee (lower the impact of the 1099NEC)? If so, where would I enter it?

Steve741 · ‎February 4, 2021

MinhT1 · ‎February 4, 2021

There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

You can ignore the form 1099-NEC and not report it on your tax return. Just keep it in your tax records for at least three years.

Please read this IRS document for more information.

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MinhT1 · ‎February 4, 2021

There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.

You can ignore the form 1099-NEC and not report it on your tax return. Just keep it in your tax records for at least three years.

Please read this IRS document for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Steve741 · ‎February 4, 2021

Thanks for the info. Saved me a lot of research and was very timely.

Didn't use time share in 2020 but rented it out for the week. Received a 1099-NEC for the rental amount which was more than my yearly maintenence fee. Can I deduct my maintenence fee (lower the impact of the 1099NEC)? If so, where would I enter it?