Is anything tax deductible when purchasing?

[WDWorld2003]

I'm getting ready to send off my tax documents to the preparer and was wondering if I should include the Buyer's Closing Statement we received from Timeshare Closing Services for the purchase of our resale. Is anything deductible?

Also, we received a statement from Disney that showed our fees and dues. We did rent out some points so the preparer will probably need this to offset the rental.

Thanks for any help.......

 

[Maistre Gracey]

Not sure about resale stuff, but I have onlly deducted property taxes and mortgage interest.

I hate doing taxes.

MG

 

[anniet]

Originally posted by Maistre Gracey

I hate doing taxes.

MG

You can pay people to do those for you you know.

Notice what smiley puts in and how much he gets back!

 

[Deb & Bill]

If you purchase a resale, you will pay closing costs. Some of those might be points and might be deductible. No closing costs with purchase from Disney.

Mortgage interest and taxes might be deductible if you itemize.

 

[Mickey Maniac 74]

I just did my parents taxes and they deducted the mort. interest and taxes

 

[TheRustyScupper]

Typical Timeshare Deductions
. . . mortgage interest
. . . closing costs
. . . real estate taxes
. . . loan points (sometimes assessed on a 2nd mortgage)
. . . sales commissions (if paid by you)


Typical Timeshare Non-Deductions
. . . maintenance fees
. . . assessments
. . . other fees


NOTE: This is not a guarantee. You should consult a tax professional or tax software. Additionally, you must itemize to get the above deductions.