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lmwrlw
New Member

I own a timeshare in Florida are my HOA Fee Payment deductible. The timeshare is actually paid off?

 
3 Replies
JulieH1
New Member

I own a timeshare in Florida are my HOA Fee Payment deductible. The timeshare is actually paid off?

Though many costs of owning a timeshare are deductible on your income taxes, including your mortgage interest and property taxes, the IRS does not allow you to deduct HOA fees, because they are considered an assessment by a private entity. If the timeshare is a rental property, however, HOA fees do become deductible.

Marc0607
New Member

I own a timeshare in Florida are my HOA Fee Payment deductible. The timeshare is actually paid off?

So where do I deduct my HOA fees since my Timeshare is a rental. I had to include the rental income as income. Now I want to deduct the money I had to pay to have this timeshare. Just trying to break even.

JohnB5677
Expert Alumni

I own a timeshare in Florida are my HOA Fee Payment deductible. The timeshare is actually paid off?

Yes, if you rent your timeshare you can offset it with your expenses.

 

Based on your description it sounds like you rent it 100% of the time.  If you wish to establish a rental property you will need the premier version of our software or higher.  You will post it under Rental Properties and Royalties.  You will then be able to deduct the HOA fees.

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