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What does Timeshare fall under in Turbo Tax
- Thread starter joyzilli
- Start date
Dave M
TUG Lifetime Member
Could you provide the context for your question? It makes a difference.
Are you referring to mortgage interest, property taxes, rental income, a sale of the timeshare or something else?
Are you referring to mortgage interest, property taxes, rental income, a sale of the timeshare or something else?
Dave M
TUG Lifetime Member
"Other real estate"
The vacation home category is normally used for homes that are rented part of the time and where, as the result of such rentals, a portion of each year's depreciation is disallowed as a deduction. That disallowance impacts the taxable gain calculation.
The vacation home category is normally used for homes that are rented part of the time and where, as the result of such rentals, a portion of each year's depreciation is disallowed as a deduction. That disallowance impacts the taxable gain calculation.
- Joined
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- Resorts Owned
- After 40+ years of T/S ownership, I am no longer "an owner"
WOW! Nice job!!!!
T_R_Oglodyte
TUG Lifetime Member
I haven't sold many, but the one's I've sold have all been at a profit. Minimum was 50%, max was about 100%.
That's quite a different story from most of what we read here. Good going.:whoopie:
Sue
acesgame
TUG Member
I wonder if anyone ever made a profit on the sale of a ts bought through the developer??
mesamirage
TUG Member
I wonder if anyone ever made a profit on the sale of a ts bought through the developer??
Sure the Developer does EVERY time at the cost of fleecing America!!
tr.v. fleeced, fleec·ing, fleec·es
1. To defraud of money or property; swindle.
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Dave M
TUG Lifetime Member
Yes, there are some timeshares purchased from developers that have appreciated over time. For example, a number of Marriotts purchased five or more years ago can be sold for more than the developer price. A few of them purchased during the preconstruction phase can be sold for a small priofit in less time than that.
A good example is a Grande Ocean Platinum Oceanfront week. Purchased years ago from Marriott for about $17,000, it can now be sold for a price that is well into the $20s.
A good example is a Grande Ocean Platinum Oceanfront week. Purchased years ago from Marriott for about $17,000, it can now be sold for a price that is well into the $20s.
johnmfaeth
TUG Member
I iagree fully with Dave, but just so no one is encouraged to be a Marriott "speculator", A Fairway Villlas, NJ Marriott week that cost $14,000 in 2002 resells for about $4,000 now.
It's hit or miss.
It's hit or miss.
Dave M
TUG Lifetime Member
Good point.
I have a Marriott Grande Ocean (Hilton Head) week that has appreciated nicely and a Marriott Grand Chateau (Las Vegas) 3BR lockout week that is worth about the same today on the resale market as what I paid for it less than three years ago!
However, if I offered for sale a Marriott Custom House (Boston) week, I couldn't get back what I paid for it almost 10 years ago!
I have a Marriott Grande Ocean (Hilton Head) week that has appreciated nicely and a Marriott Grand Chateau (Las Vegas) 3BR lockout week that is worth about the same today on the resale market as what I paid for it less than three years ago!
However, if I offered for sale a Marriott Custom House (Boston) week, I couldn't get back what I paid for it almost 10 years ago!
Jimbo
TUG Member
Turbo Tax - Question #2
What if I said rental income? Where in Turbo Tax would I put my rental income and expenses?
Along those lines what should I include as my rental expenses?
What if I said rental income? Where in Turbo Tax would I put my rental income and expenses?
Along those lines what should I include as my rental expenses?
Dave M
TUG Lifetime Member
There is a rental income (Schedule E) section in TurboTax.
For info on the related deductions - or any other income tax aspects of timeshare ownership - see this Income Taxes and Timeshares article from the TUG Advice section.
For info on the related deductions - or any other income tax aspects of timeshare ownership - see this Income Taxes and Timeshares article from the TUG Advice section.