I selected rental income but the resulting questions pertain to owning actual property and don't reference what is really a virtual week of ownership. TurboTax is reporting gross income as net income and asking other questions that are not relevant. It also stated that I might owe state taxes for property out of state. I do not know how to proceed.
The most frequent deductions would include your annual maintenance fee, advertising, rental commission, depreciation, property taxes (if you pay them separately from the maintenance fees) .
Under IRC section 469, which restricts timeshare owners from deducting the expenses of timeshare rental activity in excess of rental activity income.[Deduct applicable expense only up to income,, no losses allowed]
Using appropriate (or available) allocation percentages, the timeshare owner compares his or her rental income to allocable rental expenses (including allocable interest and property taxes) and deducts those expenses up to the amount of rental income on Schedule E, according to Prop. Regs. Sec. 1.280A-3(f)(6
If you received a 1099 MISC for the renting of this property, here is how you would enter that in TurboTax:
Tip: If your rental property is located
out-of-state, make sure you first set up that state properly in Personal Info. That way, when you do your state
taxes, we'll be ready to go.
In TurboTax Deluxe, Premier, or Home and Business, jump directly to the Form 1099-MISC entry screen:
For more information about the 1099 MISC form: https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-the-IRS-Form-1099-MISC-/INF15260.ht...