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HELP: USING TURBOTAX TO REPORT RENTAL INCOME/EXPENSES FROM MY DEEDED TIMESHARE
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.
Joy W.
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.
Nina B.
ninab26 wrote: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.
KC
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.
KC
Last edited by ken1193 on Apr 19, 2008 04:58 AM
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! --
Joy W.
joy317 wrote: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! --
There's a guy at Tug (Timeshare Users Group) who is a CPA and very knowledgeable concerning income tax matters. His screen name is DaveM. You might consider going to www.tugbbs.com with your Turbo Tax question by using their search feature.
R P.
