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?
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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?
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.
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?
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.
It's deeded.
Thanks for the info.
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