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Which timeshare brokers handle paying of rental and ToT taxes?

JudyS

JudyS

TUG Member
Joined
Jun 6, 2005
Messages
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Location
Clearwater, FL
The last few years, I didn't make money on my timeshares. So, I haven't had to report any timeshare revenue to the IRS. Now, with the new requirement that all third-party payments (Venmo, PayPal etc) over $600/annually generate a 1099, I will have to keep records and report my income and expenses even if I lose money.

That sounds like a hassle already. But, what concerns me more is paying rental tax and ToT tax. I know that some brokers will pay that on timeshare owner's behalf, but I'm not sure which brokers and whether they pay a sufficient amount. As for paying the taxes myself, I could do that but I don't really know how. I've heard that Orange County, FL wants a mostly report of rentals -- but most months I don't have anything rented in Orange County.

Any advice on how individuals can pay rental taxes, or on which timeshare intermediaries pay them on behalf of timeshare owners ? Also, are there are states that have both transient occupancy taxes (ToT) *and* change rental taxes?
 
How much money? Just because the IRS will now know about the money you are pulling in via Venmo it doesn't mean it will change how much you owe (or don't owe) in taxes.

As for state and county-level lodging taxes, many of the big online rental sites collect those. That's about all I know about that. I suspect most people renting a few weeks a year aren't paying.

I think how big your rental empire is will determine how much help you need from a CPA to protect your interests. That is part of the cost of doing business.
 
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