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dpeets13
New Member

I purchased a timeshare through wyndham. Since we bought a portion of the property is there a tax break there? Should I be looking out for a tax form from them?

This isn't a second property for us. This is  the only property we own. I don't know if that makes a difference.
1 Reply
LindaA
Level 10

I purchased a timeshare through wyndham. Since we bought a portion of the property is there a tax break there? Should I be looking out for a tax form from them?

If you are only using the timeshare for personal use, you may deduct the real estate taxes (property taxes) paid if you itemize deductions (Schedule A). You'll need some type of documentation showing the taxes you paid, such as a tax bill from the town where the timeshare is located. If you financed the sale with Wyndham, they may indicate the taxes paid on a Form 1098, Mortgage Interest Statement. You may also be able to deduct the mortgage interest on your tax return. See the FAQs below for more information, including instructions for how to enter your real estate taxes in TurboTax.

Can I deduct real estate tax? https://ttlc.intuit.com/replies/3300663

Can I deduct the mortgage interest on a timeshare? https://ttlc.intuit.com/replies/3301121

Where do I enter the real estate taxes I paid? https://ttlc.intuit.com/replies/4793197
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