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mrallard
New Member

Property tax credit as part of time-share maintenance fees I'm a "deeded owner" on time-share properties, can I claim the part used for property taxes as a deduction?

I have an interest in several time-share properties through the "WorldMark, The Club" timeshare plan; developer is Wyndham Resort Development Corporation.  I am a "deeded owner" and have been advised, based on the portion of my maintenance fees used for property taxes, I can take 5% of my annual maintenance fees this year as a property tax deduction on my tax return. The company  has provided their Tax ID number to me for this purpose; Tax ID: xxxxxxxxx. Want to be sure this is truly OK before adding it on my tax return specific to this set of circumstances.  


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Accepted Solutions
KrisD
Intuit Alumni

Property tax credit as part of time-share maintenance fees I'm a "deeded owner" on time-share properties, can I claim the part used for property taxes as a deduction?

YES

According to the IRS:

" Tenant-shareholders in a cooperative housing corporation.   Generally, if you are a tenant-stockholder in a cooperative housing corporation, you can deduct the amount paid to the corporation that represents your share of the real estate taxes the corporation paid or incurred for your dwelling unit. The corporation should provide you with a statement showing your share of the taxes. For more information, see Special Rules for Cooperatives in Pub. 530.”


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2 Replies

Property tax credit as part of time-share maintenance fees I'm a "deeded owner" on time-share properties, can I claim the part used for property taxes as a deduction?

Can I gt some more details please? I have Wyndham Time Share and have Interest, maintenance fees and HOA that I pay on a monthly basis
KrisD
Intuit Alumni

Property tax credit as part of time-share maintenance fees I'm a "deeded owner" on time-share properties, can I claim the part used for property taxes as a deduction?

YES

According to the IRS:

" Tenant-shareholders in a cooperative housing corporation.   Generally, if you are a tenant-stockholder in a cooperative housing corporation, you can deduct the amount paid to the corporation that represents your share of the real estate taxes the corporation paid or incurred for your dwelling unit. The corporation should provide you with a statement showing your share of the taxes. For more information, see Special Rules for Cooperatives in Pub. 530.”


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