2020 claim timeshare dues/fees as tax loss or write off?

[jboehm]

Well 2020 isn't shaping up to well for using our timeshare. It occurs to me that a reasonable person might think it should be possible to claim timeshare dues/fees as US tax loss or tax write off. Are there opinions on this. Sorry if its already been discussing. Point me to that thread and I'll delete this one.

To be clear NO TAX ADVICE IS BEING GIVEN in this thread. Consult your tax adviser regarding the law. There that's out of the way.

 

[DeniseM]

NO - To summarize, there are only write-offs if you exclusively use the TS as a rental, and then you have to claim your rental income against the expenses. On the TUG Help & Advice page there is an article written by a CPA who is a Tugger and an expert on timeshares. (You can find the link in the blue bar at the top of the page.)

 

[am1]

Feel free to write it off on your books/head but not in your taxes.

 

[davidvel]

Well 2020 isn't shaping up to well for using our timeshare. It occurs to me that a reasonable person might think it should be possible to claim timeshare dues/fees as US tax loss or tax write off. Are there opinions on this. Sorry if its already been discussing. Point me to that thread and I'll delete this one.

To be clear NO TAX ADVICE IS BEING GIVEN in this thread. Consult your tax adviser regarding the law. There that's out of the way.

One should never do what they think is reasonable, or what should be, in regard to their taxes. The tax laws, regulations and policies are so complex most trained accountants and lawyers struggle with them.

 

[PigsDad]

I think that would be like saying I bought a snowmobile but it didn't snow this year, so I should be able to write it off.

Kurt

 

[jboehm]

@davidvel - agreed and I was not recommending that.

@PigsDad - From one point of view, yes, but from a another it is - "I bought ownership in a property this year and it was destroyed by a natural disaster."

 

[Brett]

@davidvel - agreed and I was not recommending that.

@PigsDad - From one point of view, yes, but from a another it is - "I bought ownership in a property this year and it was destroyed by a natural disaster."

yes, property destroyed in a "natural disaster" does have some tax implications but I'm not convinced a loss of maintenance fees for a timeshare due to the coronavirus would qualify for those tax benefits

 

[Janann]

@PigsDad - From one point of view, yes, but from a another it is - "I bought ownership in a property this year and it was destroyed by a natural disaster."

No, its more like: I bought ownership in a property, and I couldn't use it for six months; my allocated time to use it has been pushed to next year.

Its true that some people may have completely lost their usage/points because their scheduled vacation was the "last chance" to use up the time. However, for others the issue is that now instead of one week to use next year there are two weeks to use.

There are going to be zero tax benefits unless you are in the rental business.

 

[elaine]

It's a personal leisure item, no write off. Only possible write off against earnings is if you operate a rental business, as others have said. If you had a fixed week and couldn't use your week because of bad weather, same thing.
Also no tax write off when you sell your personal week at a loss--however, you'll pay taxes on gains.