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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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.
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