Tax Time Question on Maint Fee

[peterp]

As a newbie, I just received my first maintenance fee bill for Manor Club.

On it..it says that the tax portion of the maint fee can be claimed when I prepare my income tax.

I have been using quicken for years and I just cant recall where this info would be applicable when preparing my taxes.

Does anyone actually get a credit on their taxes from their fees?
Where do you report it?
Is it worth the trouble?

Any help on this topic would be appreciated...

Thanks,
Peter P.

 

[Luanne]

Here is a link to some information that might help:

http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

We include the property tax portion with the property taxes on our principal residence. But, I don't use Quicken to prepare my taxes. I just put together a worksheet and hand that off to our accountant.

 

[Dave M]

Assuming you itemize your deductions on your tax return, you would include the tax amount in the same section of Schedule A where you list deductions for property taxes and income taxes. In Quicken, it's identified as a property tax. If you don't itemize deductions, you'll get no tax benefit from the tax amount shown on your billing.

The remaining portion of your maintenance fee is not deductible unless you rented your timeshare.

For more info on tax aspects of timeshare ownership, see this article from the TUG Advice section.