Tax form1099 and points?

[Tigger2ntinkerbell]

I'm thinking about Renting out my points, and I wad told I would receive a 1099 . I live in Michigan, so do I add this as an income on my tax form.
I file only a 1040A . I use Turbo Tax .
TIA

 

[Marionnette]

I'm thinking about Renting out my points, and I wad told I would receive a 1099 . I live in Michigan, so do I add this as an income on my tax form.
I file only a 1040A . I use Turbo Tax .
TIA

Yes, that's income that should be reported. If you itemize, you can deduct what those points "cost" you. I leave that to our accountant to figure out.

 

[Tigger2ntinkerbell]

I don't itemize but thank you answering my question.

 

[ForMyBoys]

Yes, that's income that should be reported. If you itemize, you can deduct what those points "cost" you. I leave that to our accountant to figure out.

Since OP filed a 1040A they did not itemize. However your point is still valid, I would think OP can deduct rental expenses against the income on Sch. E even if they don’t itemize.

I found an article that should be helpful
https://www.redweek.com/resources/articles/tax-aspects-renting-timeshare