tax question on dues paid...

[princesses2]

We bought into DVC in 2004. Tax time is here and I'm not sure if I need to do anything w/ the dues we paid. We didn't finance through DVC since we were able to get HELOC for lower rates. I think we paid bit less than $300 for 2004. Do I report any of this on 1040 tax forms? Thanks!

 

[CarolA]

Your dues statement shows the amounts paid for property taxes. I deduct those.

 

[Laurajean1014]

Property tax and some other expenses are tax deductible. I have been deducting for years. It is legal, check with a tax accounts for exactly what you can deduct.

Good luck.

Laura

 

[cymomtx]

Depending on how you financed the mortgage it might be deductible. If you finance through DVC it is considered a mortgage on a 2nd home and is deductible, you will receive a 1098 on this amount. If you financed it through another company with a straight loan, you will not receive a 1098 and will have to provide additional documentation to the IRS to deduct it.

Only the property taxes are deductible out of the monthly dues. None of the maintenance expenses are deductible.

 

[princesses2]

I knew I could count on this board for answers. Thank you for your replies everyone!