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View Full Version : Timeshare property taxes deductable?


Yawnzmor
Jan 24, 2009, 07:26 AM
I am new to this subject and am wondering if the property taxes on a timeshare, included on the annual statement, are deductable on your annual 1040 tax return?

ScottGem
Jan 24, 2009, 07:32 AM
Yes, under Real Estate taxes paid. But you have to itemize.

Also interest on loans to purchase a time share are deductible as mortgage interest. Though there are some limitations.

Yawnzmor
Jan 24, 2009, 07:45 AM
Thanks, every little bit helps!

Still, even though the statement is an invoice that breaks down the property taxes, maintenance fees, etc. I can use that as a reference for the claim?

Does the location (not outside the US but not within my state of residence) have anything to do with the ability to claim those property taxes?

ScottGem
Jan 24, 2009, 09:36 AM
No, its considered vacation property and the taxes on those are deductible. I've been doing it for years. The property has to be ddeded though. Contract time shares don't qualify.

Yawnzmor
Jan 24, 2009, 12:20 PM
It's deeded.

Thanks for the info.