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HELP Please!

sandytoes

sandytoes

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I am doing my taxes . . . last minute of course . . . never do them in advance when you have to write a check:annoyed: . I am down to one unanswered question . . . what is Marriott's ID number for reporting the interest I paid on my Marriott loan??? I have a Pittsburg, PA mailing address for the Vacation Club, but I can not find anything that indicates a number either in my paper work or on line. Can anyone help?

Also, I am deducting my taxes and my interest for both my weeks I purchased last year. Are there any other items I can deduct . . . such as closing costs or etc? Thanks in advance for any assistance you can give. KAren
 
52-1320904. Yea, we financed our first timeshare purchase before we found tug.:doh:
 
sandytoes said:
Also, I am deducting my taxes and my interest for both my weeks I purchased last year. Are there any other items I can deduct . . . such as closing costs or etc? Thanks in advance for any assistance you can give. KAren
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I thought one could only deduct the interest on the mortgage if it was for their primary residence or second home. Would a time share week count as a second home?
 
Thanks LaxMOM . . . that really helps. I actually called Marriott and they tried to tell me I should just used my social security number . . . then they said they did not have it. I asked to be transfer to a supervisor and finally they said I was in luck because someone happened to know it, but it wasn't somthing they usually have available to them . . . this was the loan department!

Nice to know I can once again depend on TUG helping me out and having the right information. Now all I have to do is write the big check . . . ah . . . the beauties of being self employed . . . if everyone had to write a check to pay for their own taxes our tax system would change in a hurry!

Thanks for the info. Karen
 
I dont believe you can deduct the interest on most timeshare loans. I believe Dave M has said that most dont fall under the vacation home rules. I may be mistaken. Dave will comment I'm sure.
 
gmarine said:
I dont believe you can deduct the interest on most timeshare loans.
Click to expand...
That's correct. The reason is that most timeshare loans are written as unsecured consumer loans rather than as a secured mortgage loan, which is required for deductibility.

I'm not sure, but I believe Marriott writes its loans as mortgages, meaning that the interest would be deductible if....

...the timeshare loan doesn't exceed the limit of two loans. As dioxide45 states, only the interest expense on mortgages on a primary home (mortgage and home equity line of credit) and one secondary vacation home qualifies for a deduction. A timeshare (as well as a motor home, some boats, etc.) qualifies as such a home.

There are $$ limits on loans, generally $1,000,000 of total mortgage debt plus $100,000 of home equity debt.

Most other interest expense is not deductible, the primary exception being investment interest expense, which ahs some strict definitions and limitations.
 
While we still had our loan, we recieved a mortgage interest form 1098 from Marriott. This form includes the amount reported to the IRS as mortgage interest. That tells me that Dave is correct about how Marriott writes their loans.

Dave, you are a wealth of knowledge! How long you been doing this?
 
Dave M said:
I'm not sure, but I believe Marriott writes its loans as mortgages, meaning that the interest would be deductible if....
Click to expand...

I know for a fact that there are mortgages recorded agains Grande Vista timeshare units in Orlando Orange County Florida. This indicates that they are written as mortgage loans.
 
If you are considering purchasing a TS on credit, first choice is low interest cred card (non deductible)...second is your home equity line (fully deductible, lower interest rate than Marriott loan), third is Marriott's loan (since it's filed as mortgage)...in this order b/c of rate of interest you pay.
 
Man. I am impressed. And how long on timeshare stuff?

Yea, I know a Marriott loan is a bad idea.......now.......post tug membership! It is a double whammy. It means I bought from the developer. Hey, at least I researched different timeshare developers before I bought. I didn't find out about tug until 2 years ago. Now I tell everyone I come across that owns timeshare. Live and learn.:D
 
Thanks to everyone . . . my taxes are DONE! (almost) and at this point I am not making any changes period! . . . I figure the IRS will tell me if I need to make any corrects . . . I did deduct the taxes and the mortgage interest. I was told by Marriott that I should have received a 1098 form for the interest paid .. . but I did not . . . at least not that I found and I keep good records. Marriott is sending me another 1098 form so I will have it for my records. Tax time is NOT my favorite time of the year:annoyed: ! (very grumpy):)
 
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