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Vacation Club Rental and Maintenance Deduction

I purchased Disney Vacation Club points in 2009, which entitle my family to a certain number of days per year in Disney timeshare accommodations. I rented 76% of my annual points for a January 2024 reservation that I received $1190 payment for in 2023 (as reflected in a 1099-MISC I received from the rental company). I have been told that the taxes and operating costs of my annual dues can be deducted from the rental income. How do I enter those deductions correctly in TurboTax Premier?

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1 Reply
LeticiaF1
Expert Alumni

Vacation Club Rental and Maintenance Deduction

The income you received must be reported on your tax return.  You would report the income and expenses in Schedule E.  Possible expenses include administrative costs for points sold, dues for belonging to the timeshare organization, and other incidental fees for marketing the points.  The expenses should be prorated to the percentage of time that it was rented.  

 

To enter your rental:

 

  1. Open or continue your return, if you haven’t already.
  2. Locate the Search bar in the upper right of your screen. Search for rentals and select the Jump to link at the top of the search results.
  3. Answer Yes to the question Did you have any income from rentals or royalties?
  4. On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
  5. On the screen What are you here to report?, select Rental property and Continue.
    • If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later.
  6. On the following screens, we'll ask you to enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your rental.
  7. When you reach the Here’s your rental property info screen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out.
  8. Once you’ve entered all your info, you’ll be taken to the Your income and expenses screen.
    • If you have more rentals to enter, scroll down to Rental Properties and Royalty Income (Sch E) and select Edit/Add next to this line.
    • On the Your 2023 rentals and royalties summary screen, select Add another rental or royalty.
    • From here, follow these instructions again, starting with Step 5, and repeat until you’ve entered all your rental income.
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