DVC and income taxes?

[psu4glory]

for some reason, i had the idea that something about owning our DVC was tax deductible....is that true? if you have a home equity loan for DVC, can you deduct the interest paid? how about maintenence fees...any portion of them that are deductible? this is the first year of taxes that i've done while owning DVC and want to make sure i get it right....

 

[pilferk]

With a HELOC, I'm not sure.

I know if you finance through Disney, the interest you pay IS tax deductable. The maintenance fees are not, though I assume you could break out the property tax piece of the fees and deduct that. Our accountant said it probably wasn't worth the hassle to try to do that, though.....others may disagree and be able to offer tips on how (and approx how much).

With a HELOC, I THINK that interest CAN be tax deductable, but you should talk to a tax prep person or accountant to be sure.

 

[Caskbill]

All of this of course is only if you itemize deductions.

In the past you could deduct interest on up to two "properties", such as a primary home, log cabin, vacation home, timeshare home, RV, or even a Boat. (To be eligible, each had to have full sleeping, cooking, and bathroom facilities)

I'm pretty sure a home equity loan would be included in that list.

Deducting the property taxes is easy since Disney splits out the actual property taxes paid in your year end statement.

 

[pilferk]

All of this of course is only if you itemize deductions.

In the past you could deduct interest on up to two "properties", such as a primary home, log cabin, vacation home, timeshare home, RV, or even a Boat. (To be eligible, each had to have full sleeping, cooking, and bathroom facilities)

I'm pretty sure a home equity loan would be included in that list.

Deducting the property taxes is easy since Disney splits out the actual property taxes paid in your year end statement.

Correct. I guess as a homeowner I take the "itemization" thing for granted....

Nice to know on the property tax break out. I hadn't heard that particular bit before. Any guesstimates on what % of the maint fee goes toward that?

 

[jekjones1558]

My statement has Property Tax Actual, Less Unpaid Estimate, and Less Estimate you Paid. Which figure do I deduct for property taxes? Sorry to be so obtuse on this.

 

[Doctor P]

Actual is all you can deduct.