Original Message:
Nope... (by Joy W.):
ken1193 wrote:Re: >> ...don't have to report 7 day rental income..."<< ==================================An interesting (but nonetheless entirely incorrect) reply. While I don't profess to know the intricacies of "Turbo Tax" software, I can assure you that rental income is, without question, reportable income to the IRS. There may be "depreciation" taken, as well as taking fees paid during the same year against that rental income, but simply ignoring (i.e. failing to report) the income is bad advice.
WE REC'D A 1099, SO WE "ARE" REPORTING THE INCOME. And, yes, I 'want' to take 'depreciation', however, that IS the problem i'm having with Turbo Tax -- making sure we answer all of the statements accurately, in order to properly show the depreciation expense
Help - doesn't anyone using TURBO TAX, report their timeshare rental income and deduct depreciation (along with other expenses) ??? --- would really love some help/guidance on this...
Thanks All! --