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condo on taxes (by Phil L.):

mikeb308 wrote:

what can I write off on my income tax? can I use fuel to get to the condo too?

We wrote off the $31.20 tax each year and another $31.20 EOY for second unit for Nevada and the interest on our loan which the resort send out the 1098 mortgage interest statement form showing interest paid.

We wrote off both weeks because we own two weeks at same resort which we have been told is fine because its considered two weeks vacation time you are buying at same location.

We have used three different tax companies in last five years because of move to another area in California and all have said and done same thing and that is to add the amount to our home interest amount and showing the 1098 form on our tax return.

Also as I doubt you can write fuel cost off. If you could do this then eveyone would plus airline tickets to Maui this year would be great deal.How much of my three tickets cost goes toward fuel.

I would say to talk to your tax people about it. There are many post on these timeshare forums saying you can not write off interest but every tax agent will tell you that you can when you are buying a portion of the land the timeshare is on. This is the reason for getting a 1098 every year.

You can write off your home and one timeshare unit unless you own more units at same resort. Then its kind of in the air but our tax people say yes to this.

I agree not to listen to me or ken but talk to your tax people and let them work with it.

Many people buy timeshares and use credit cards or some type of personal loan and never see a 1098 form.