wcfr1
TUG Member
Just read an interesting article on SmartMoney.com about Income Tax requirements for rental income on vacation homes, including timeshares.
This article shouldn't replace a discussion with your tax advisor but it's a good start.
Here's the link.
http://www.smartmoney.com/tax/homefamily/index.cfm?story=vacation
Interestingly, the example in the article explains that in order to best make timeshares work on your income tax you you may need to own at least three and have purchased with the expectation they would appreciate in value. Hmmm, maybe we should listen to those salesman afterall.
This article shouldn't replace a discussion with your tax advisor but it's a good start.
Here's the link.
http://www.smartmoney.com/tax/homefamily/index.cfm?story=vacation
Interestingly, the example in the article explains that in order to best make timeshares work on your income tax you you may need to own at least three and have purchased with the expectation they would appreciate in value. Hmmm, maybe we should listen to those salesman afterall.