Today TaxMama hears from Sylvia from Aransas, Pass, Texas wants to know “Are maintenance fees on time shares deductible if you don’t generally itemize?”
They’re not even deductible if you DO itemize.
Except…if you are itemizing, check with the association for one bit of information. The maintenance fees will often include your share of the property taxes that the association is paying on the common areas that you might also own. If they do, get that number and you might have a small deduction of property taxes.
When may you deduct all the time-share maintenance fees?
They’re only deductible if you rent out your unit, or your time – AND you report the rental income.
But, good news, if your timeshare is for 14 days or less, there’s a little loophole in the law that lets you rent it out 100% tax-free. No kidding!
That will work if you have several time-shares and your home, or vacation or residential properties – but you’ll only get to avoid reporting a total of 14 days of rental income from all your properties
So, if you don’t use the time – turn it over to be rented. And keep 14 days income – for free!
And remember, you can find answers to all kinds of questions about time shares and lots of other tax issues, free. Where? Where else? At TaxMama.com[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips. Please click on the subscribe link and join us.]
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