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Level 2

Question

Time share

Forum|Forum|7 years ago
June 28, 2019
1 reply
14 views

We own a timeshare paid for in full that we use for company parties and meetings, we are self employed. Can we deduct annual fees/dues?

TurboTax Home & Biz Windows

Alumni - Champ

No. Any business expense must be 'Ordinary and Necessary' to be deductible; A timeshare does not pass either test.

1) If used for Client benefit, it would be classified as Entertainment - which is no longer deductible after 2017 changes.

2) If used for Employee benefit, it would be taxable compensation if for their recreational use, and Ownership neither Ordinary or Necessary for 'parties and meetings'.

If you pursue this, you would have to have (as a minimum) detailed records of Who used facilities, What specific business was conducted, and Why less costly venues would not be suitable.

SMRetzAuthor

Level 2

THANK YOU FOR YOUR WISDOM AND REPLY.

PEACE AND BLESSINGS, STEVE