# Property tax deduction



## coccinelle1122 (May 5, 2013)

I wanted to find out what part of my maintenance fees can be deducted as property tax? I purchased an EOY deed at Glacier Canyon Wisconsin Dells, so if fellow GC owners could give some insight that would be great. Any details would help.


----------



## DeniseM (May 5, 2013)

You can deduct it if it is itemized on your MF bill.


----------



## vacationhopeful (May 5, 2013)

Yes, I deduct itemized Real Estate taxes. But you have to itemize your 1040 or deduct them against rental income.


----------



## RichardL (May 5, 2013)

*Taxes*

Taxes are some times not easy to understand, so the common expression is to ask a professional.  A little humor!

There seems to be a normal rule and then an exemption to most tax matters.
The normal rule that I follow is a property tax deduction applies to your home in which you reside.  Yes you can have two residences, but a one week time share does not qualify and will in my opinion get bounced on audit.

However, the exception is if you rent out the timeshare week, then: the property taxes, mf, and should there be an exchange or guest certificate charge are all reasonable and necessary expenses.

As a disclaimer, ask your tax preparer if you use one.


----------



## bogey21 (May 5, 2013)

RichardL said:


> Taxes are some times not easy to understand, so the common expression is to ask a professional.........Yes you can have two residences, but a one week time share does not qualify and will in my opinion get bounced on audit.



Many years ago when I owned multiple TS Weeks  I deducted RE Taxes on all of them.  I believed that the deduction was for RE taxes whether they were attached to a primary residence, secondary residence, or no residence.  If I owned raw land, I would also have deducted the RE taxes.  Never audited so I can't say with authority that what I did was right or not.

George


----------



## CruiseGuy (May 6, 2013)

For federal taxes, mortgage interest is only deductible on your primary or secondary residence.   I don't think interest paid on a loan for a timeshare would be deductible.

Personal property taxes (Home, auto, etc) are generally deductible as long as they are based on the value of the property and not on some other factor.  For example, I can deduct the personal property tax on my car as long as it's based on the dollar value of the car and not on the weight of the car.

But tax rules are always changing, so it's a always a good thing to check.


----------



## pacodemountainside (May 6, 2013)

The following is an expert opinion and very informative.

http://www.tug2.net/timeshare_advice/TUG_Taxes_and_Timeshares.html


Also, note that the amount shown on MF  statement is estimated amount for following year. You have to contact the resort for the ACTUAL amount for your tax year.  Granted amount is probably just a couple bucks difference and so small will fly under the radar!

Like if you   pay $100  a month tax escrow. You cannot deduct $1,200. You can only deduct what was actually paid Tax Collector.


----------



## Rent_Share (May 6, 2013)

Property Taxes on most California Time Shares is billed direct to the owner


----------



## VegasBella (May 6, 2013)

pacodemountainside said:


> The following is an expert opinion and very informative.
> 
> http://www.tug2.net/timeshare_advice/TUG_Taxes_and_Timeshares.html


That's a good article but there should be a date on it. Tax law changes and what is true today may not be true tomorrow.


----------

