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Peck-mike
New Member

Where do I put in my timeshare interest that I paid?

 
3 Replies
CherylW
Level 3

Where do I put in my timeshare interest that I paid?

If it's deductible, it goes

1.  Deductions & Credits.

2.  Your Home.

3. Mortgage Interest, Refinancing, and Insurance

This, from the IRS Publication 936, Home Mortgage Interest:

Time-sharing arrangements.   You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. A time-sharing plan is an arrangement between two or more people that limits each person's interest in the home or right to use it to a certain part of the year.

Rental of time-share.   If you rent out your time-share, it qualifies as a second home only if you also use it as a home during the year. See Second home rented out , earlier, for the use requirement. To know whether you meet that requirement, count your days of use and rental of the home only during the time you have a right to use it or to receive any benefits from the rental of it.
Omoana ukes
Returning Member

Where do I put in my timeshare interest that I paid?

If I have interst paid for my timeshare can I deduct it ?

 

VictoriaD75
Expert Alumni

Where do I put in my timeshare interest that I paid?

You can deduct interest on a timeshare if it is deeded and recorded in public records and it meets all the requirements for deducting mortgage interest.

 

If you rent out the timeshare during the year, you must also use it as a home for more than 14 days or more than 10% of the number of days it is rented. You count your days of use and the days of rental only during the time you have a right to use it or to receive any benefits from its rental.

 

Mortgage interest can only be claimed on a maximum of two homes (main home and a second home). If you have mortgages on two homes and a timeshare, you won’t be able to deduct the mortgage interest on one of those properties.

 

Can I deduct the interest on a timeshare?

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