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| *Loan,banking and credit>>>income tax |
Can Timeshares yearly dues be deducted on federal income taxes? |
Can Timeshares yearly dues be deducted on federal income taxes? no This is precisely why one should seek professional advice from someone who knows tax law, rather than listening to anonymous people online. 3 people who kow about tax have answered in the affirmative. no If any of the dues are directly related to, and identified as, property taxes, then that portion is deductible on Schedule A, just like proprty taxes that you pay on your home. Most timeshare companies I have seen give a clear breakdown, so you know what you can claim and what you can't. Skip is correct. Normally not with the general exception of any portion that can be identified as property taxes. If you are making payments the interest portion should be deductible. If you rent the timeshare to others you may be able to consider it a not for profit rental and declare the income on Line 21 of your Form1040 and any expense on line 22 of Schedule A if you itemize. |
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