Annual Dues-writing them off on taxes

[ilovemykids1016]

Are you able to to write off the Annual dues of DVC on your taxes? If so, how?

 

[drusba]

If you itemize deductions, you can deduct the property tax portion of the dues (subject to the new $10,000 per year deduction limit for the combination of any state and local income taxes or property taxes). You cannot deduct other amounts. At the end of the year, you get a statement billing you for your dues for the next year and also providing the actual property taxes you paid in the existing year, and that is the amount to deduct.

 

[davper]

If you rent out your points, you can deduct the dues paid on the points rented.

 

[com_op_2000]

If you rent out your points, you can deduct the dues paid on the points rented.

Then you have to claim the total amount as income.

 

[davper]

Then you have to claim the total amount as income.

By law, you have to.

 

[miTnosnhoJ]

Then you have to claim the total amount as income.

Also, if you rent out your points and claim the dues as an offset to the rental income, you cannot also claim the real estate taxes. I.e. no double counting.

 

[maburke]

If you itemize deductions, you can deduct the property tax portion of the dues (subject to the new $10,000 per year deduction limit for the combination of any state and local income taxes or property taxes). You cannot deduct other amounts. At the end of the year, you get a statement billing you for your dues for the next year and also providing the actual property taxes you paid in the existing year, and that is the amount to deduct.

Is that new limit in place already, for 2017?

 

[drusba]

^It is effective starting the 2018 calendar year, so if you are doing your 2017 tax returns, you can still deduct more than that $10,000 limit.

 

[RKS03]

But if you’re hit with AMT it won’t help anyway.