I rented my timeshare week in 2016 for $650 and received form 1099-R from the resort. Is this considered "Rental Property?" If so, what form do I report this.

[tglaude]

Also, can the Assessment (Maintenance Fee), $550, be used to offset the taxes paid on the $650 I received for the rental.  Although the rental for my timeshare week was $700, the resort kept $50 as their administrative fees for facilitating the rental for me.

I appreciate any help rendered.

Thanks,

Tony

[view2 · Accepted solution]

Timeshare as per se a rental property ...NO.

Do you report rental income. YES

Reported as a rental and have income report on schedule E and claim your legitimate expenses against it. 

You can  deduct applicable  percentage of  expenses only up to income ,no losses are allowed.

[tglaude]

Relative to a timeshare, what possible legitimate expenses could exist other than Maintenance Fees understanding Maintenance Fees are not deductible?  If I am able to ascertain what portion of the Maintenance Fees goes to the Expenses listed on the Schedule E, e.g., repairs, utilities, management fees, lawn care, etc., can I add those expenses on the Schedule E for valid deductions?

[view2]

The most frequent deductions would include your annual maintenance fee, advertising, rental commission..
Personal use of timeshare you can not expense .