Tax Deductable??

[BorisMD]

So I've been going over all the fine print sent to me by my guide, and they state that the annual dues are used, in part, for real estate taxes. Does anyone know if those taxes be used for a deduction on the federal tax return?

Thanks,

Boris

 

[chris1gill]

Yes, you can deduct that portion of the dues that is deductible... I don't have the figures in front of me however, maybe someone can help with that percentage... I want to say 15% of dues but I might be wrong...

 

[BorisMD]

So what are the rest of the dues used for?

Boris

 

[chris1gill]

Keeping up the property & paying for staff & services I believe...

 

[Caskbill]

Taxes are deductible only if you itemize. It's a line item on Schedule-A.

Also, if you have financed the purchase and are paying interest on the loan, then it too may be deductible. (It counts as a second home, but you may only deduct one second home, so if you have another timehare, an RV, or a large boat, or a summer home, or cottage somewhere that you are already deducting interest payments on, then you can't deduct DVC also. For most people this is the only second home they have.)

 

[Uncleromulus]

The "property tax" portion of your annual dues is deductable. You'll get a statement each year showing exactly how much that is.