condo on taxes

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

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.

mikeb308 wrote:

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

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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.

ken1193 wrote:

mikeb308 wrote:

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

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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.

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., thanks

mikeb308 states in relevant part: >>... 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.<<

With all due respect, you were told wrong, plain and simple. There is no option for you (or anyone else) to deduct fuel cost for what is, in essence, vacation travel. Period.

ken1193 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.

Ken as I stated above we have written off interest on our timeshare each year and had two different CPA's and three different tax org tell us we could.

I was surfing Tugg and came across this tax question and went to the forum to read posted information.

I have seen this before but forgot where it was and I have also read these on many other sites.

Page #2 of Tug Forum for Deductible Items(E.G.,Taxes and Interest)

Uless you rent your timeshare to others, you might have no deductible amounts related to the timeshare.

However,if the Property taxes applicable to your unit are billed separately to you (such as California), those are deductable. They should also be deductible if your resort shows them as a separate item on your maintance fee billing. However,if you have to seek out the tax amount applicable to your unit by examining the financial statement,the taxes are not deductible.

A few owners can deduct the Interest expense on a timeshare loan. The interest is only deductible if the loan is secured by the timeshare as a mortgage interest except on your primary home. Note that most timeshare loans don't qualify because they are written as a consumer loans rather than as a mortgages. Similary,interest expense on credit cards debt used to finance the purchase would not be deductible.

If your timeshare loan was financed with a home equity loan on your personal residence or by refinancing your mortgage on the residence,the interest is generally deductible,subject to certain limitations.

Can you deduct interest on more than one timeshare? If you have a mortgage on your primary residence,interest paid on loans on multiple timeshare properties would not be deductible, since interest in connection with only one property other than primary residence can be deducted.

But suppose the multiple timeshares are all at one resort. You might reasonably view these multiple timeshares as one"residence". The tax rules aren't clear on this issue.

(TUG,DAVE MCCLINTOCK CPA)

Every year I do my taxes I have brought this subject up and even had the tax timeshare rules with me and I have been told by everyone of these experts in taxes I get the write-off!

PHIL

I disagreed with your answer that NO it can not be done like you had the only answer. I agree that you said same as me and that was to talk to their tax people and not listen to us! PHIL