Given the tax law changes (TCJA) and SALT are no longer a deduction for personal income tax, is it true for 'Sch E' on Timeshare Unit rental?
Instead of using the one week rental, I have assigned it into the pool rental program. The management deducts there fee at 30%, pays the annual O&M fee and the balance is sent to me for the rental...
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Yes, the property tax you pay on your timeshare is deductible in 2018. The $10,000 cap on deducting State and Local Tax (SALT) only applies to itemized deductions. It has no impact on the deduction for rental property, so even if your SALT deduction is capped for Schedule A, you can still deduct the tax for a rental on Schedule E.
Yes, the property tax you pay on your timeshare is deductible in 2018. The $10,000 cap on deducting State and Local Tax (SALT) only applies to itemized deductions. It has no impact on the deduction for rental property, so even if your SALT deduction is capped for Schedule A, you can still deduct the tax for a rental on Schedule E.
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