Rookie Tax Question

[Kmedders]

Apologize in advance if this has been asked a thousand times before, but we purchased our first contract in the fall of 2020 and paid cash for it. How does a time share purchase affect your taxes?

 

[CarolMN]

If you itemize, you can deduct the portion of the dues attributed to property taxes on your federal return. With the recent changes to the standard deduction, some find no need to itemize.

State laws vary.

 

[Kmedders]

If you itemize, you can deduct the portion of the dues attributed to property taxes on your federal return. With the recent changes to the standard deduction, some find no need to itemize.

State laws vary.

Ok thank you!

 

[supersnoop]

Apologize in advance if this has been asked a thousand times before, but we purchased our first contract in the fall of 2020 and paid cash for it. How does a time share purchase affect your taxes?

If you later sell for a profit, you'll have a capital gain to report. If you rent out points, you owe taxes on that income. If you sell at a loss, I don't believe you get to write anything off.

 

[OKW Lover]

If you financed you may be able to deduct mortgage interest, subject to some restrictions.

 

[Kmedders]

If you financed you may be able to deduct mortgage interest, subject to some restrictions.

I didn’t finance