Timeshare

[S T]

T/P received 1099 misc for rents of $1205 for deeded timeshare.

Do I report on Schedule E, and can we deduct the maintenance fees?

Does timeshare have to be depreciated? 27.5 years

I understand that if income less expenses net a loss, the loss is not deductible since it is rented for 7 days or less.

Thanks

Sandy

[abby]

this may be a helpful link

It appears that alot depends on whether this is always a rental or it was a one time deal.

http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

This link may help - I don't know the author, so the usual disclaimers apply

[Zee]

Author is "as good as they get"

It appears that alot depends on whether this is always a rental or it was a one time deal.

http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

This link may help - I don't know the author, so the usual disclaimers apply

I know the author personally. He's a former Big 8 tax partner and currently CFO of a major Fortune 500 company. Honestly, he's one the the brightest guys I know.

[S T]

Timeshare Link

This is the link that I read before I posted. 7 days or less, seems no loss as not in the rental business.

So now my question, 1 week, received the $1205, so I CAN right off the maintanence fees.

What about depreciation, is it required?

Thanks Abby and Zee,

Sandy