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Old February 22, 2007, 11:14 AM   #1
susiequeve
 
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Filing timeshare rental income

Does anyone know if you have to claim income from a 5 day timeshare rental? I rented my Cape Cod timeshare last year for only 5 days and receive a 1099 from the government.

Any info would be greatly appreciated.
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Old February 22, 2007, 12:21 PM   #2
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This TUG article should have the info. you need: TS Taxes

And this recent thread - Tax Thread

For more info. use the search function and search for "tax."
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Old February 22, 2007, 12:23 PM   #3
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Yes, you must report the income, but you will have some expenses that can be offset aghainst the income. See the Rental Income and Vacation Home sections of this Income Taxes and Timeshares article from the TUG Advice section.

(Edited to note that you beat me to it, Denise!)
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Old February 22, 2007, 01:20 PM   #4
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Thanks to both of you for the advise.

Susiequeve
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Old February 22, 2007, 01:34 PM   #5
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Originally Posted by susiequeve View Post
Thanks to both of you for the advise. Susiequeve
Advise is a verb, maybe you mean advice? I doubt the 1099 came from the government, it came from whatever organization you brokered the rental through. They sent it to you and the government. So, my advice to you is to account for it on your taxes.
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Old February 22, 2007, 07:22 PM   #6
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Hey Spence, Thanks for the ADVICE !!
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Old February 22, 2007, 10:05 PM   #7
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Question

I was wondering how one would get a 1099 on a personal rental. I did not realize that it was done through an agency. That must be who sent it.

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Old April 6, 2007, 05:40 AM   #8
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LO MF split

Another rental tax Q if anyone knows:

If you spilt a lockoff and rent the studio part and use the one-bedroom for personal use. (and are not a normal every year renter) For dedection purposes, would you apply 1/3 or 1/2 of the year MF/taxes to the rental as a deduction against the rental income? Example: You rent your studio side of the 2 bedroom LO unit for $1000. You use the 1 bedroom for personal use. The total annal FF/taxes/SA is $1,000 in a combined bill. What would you use as a deduction against the rental income? Thanks!
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Old April 6, 2007, 08:00 AM   #9
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The tax rules provide that you should make a reasonable allocation of the expenses. That applies to depreciation as well as the MFs and taxes.

Because the square footage, fair market value and rental value of the studio are all likely to be less that one half of the total, I believe something in the range of 25%-35% of the total would be appropriate, but it's your call.

Also, if you have used the unit for personal use (occupancy, exchange, gift to a friend or relative, etc.) in any prior year, depreciation should be calculated based on resale value or your purchase price, whichever is lower.
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