Post reply
Original Message:
condo on taxes (by Mike B.):
ken1193 wrote:I know about adding property tax to my home property tax, but I was told you can right off fuel getting to your condo for expense, but i dont know where to put that on my taxes, i'm doing my own taxes., thanksmikeb308 wrote:------------------------------------------what can I write off on my income tax? can I use fuel to get to the condo too?The only tax deduction associated with timeshare ownership is the property tax portion of your maintenance fee bill (assuming that you are actually talking about your own use of your timeshare as an owner (i.e., not treating it as a rental property).
If you rent out your week(s), that rent is taxable income. However, you can deduct your advertising costs for the rental against the gross income, or the resort commission (if the resort or its management company rented out the unit on your behalf and took a commission, which is typically 25% of the rental amount, but varies).
You should consult a tax expert for precise details rather than rely on the input of unknown entities of unknown credentials on the Internet --- including me.