Original Message:
HELP: USING TURBOTAX TO REPORT RENTAL INCOME/EXPENSES FROM MY DEEDED TIMESHARE (by Nina B.):
joy317 wrote:You don't have to report a 7 day rental income. Skip it and give yourself a rest!Hello.Perhaps someone would be able to either contact me or help explain how to document accurately the following in "Turbotax". (and I just spent over 40 minutes on the phone with TurboTax and they could not answer my concerns/questions)... This is the first year we are using turbotax to document the rental income/expenses for our Deeded 1 week timeshare that we own in Cocoa beach. I am not a Real Estate professional, so this is not a business for us. And we only own 1 week timeshare and that week is what we rented out.
My questions: if this is the ONLY timeshare (1 week) we own and we rented it out (using the services of the timeshare rental office)... We know we are allowed to deduct for R/E Tax, Maint Fees, Commissions paid to rental company and also depreciation.
However, with using Turbo Tax- I can't figure out if i'm documenting it all properly.
IE... When it asks- is this a vacation home... ? When it asks- are you a partial owner? and if yes, %... Does that mean, i need to input all of the other owner expenses?
this initially seemed very cut and dry, but now, the Turbo Tax software (question tree) has me very confused....
I figure someone out there must be king of Turbo Tax and Rental Income from Timeshare....
Much thanks in advance.