Yes, you can deduct interest on a timeshare if it is deeded and recorded in public records and the mortgage is recorded and secured by the financed property.
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.
Note: Mortgage interest can only be claimed on a maximum of two homes (main home and a second home).
To enter your mortgage interest if you did not receive form 1098
Mortgage Interest:
- Open
your return in TurboTax.
-
(To do this, sign into TurboTax and click the orange Take my to my return button.)
- Type mortgage
interest in the search/find box and click search.
- Click
on Jump to mortgage interest.
- Answer Yes to Did you have any home loans in
2016?.
- Type
in the name of your mortgage company on the Enter your mortgage lender screen.
Click Continue.
- On
the Do any of these uncommon situations apply? screen,
click on None of these apply then click Continue.
- Enter
your mortgage information.
To enter your mortgage interest if you did receive form 1098 Mortgage Interest:
- Open
your return in TurboTax.
-
(To do this, sign into TurboTax and click the orange Take my to my return button.)
- Search
for 1098 in the search box and then click the
"Jump to" link in the search results.
- Answer Yes to Did you have any home loans in
2016?.
- Type
in the name of your mortgage company on the Enter your mortgage lender screen.
Click Continue.
- Make
your selection on the Do
any of these uncommon situations apply? screen, then
click Continue.
- Follow
the onscreen instructions to enter the rest of the information on your 1098
form.
Related
Information:
