tax question

[minnime]

I live in SC and have some extra points that are available for rental. I would like to know if we have to pay taxes on the income?

Thanks

 

[erionm]

Honestly, you need to discuss this with a tax professional in your state.

 

[minnime]

Thanks. My accountant thought that the rental agency (David) would have to issue a 1099 for the rental $. This is to ensure that everyone gets their fair share of my hard earned $. The IRS would like approximately 25%. I am hoping he is wrong.

 

[chalee94]

My accountant thought that the rental agency (David) would have to issue a 1099 for the rental $.

in theory, you are responsible for paying taxes on all of your income. the 1099 would just mean that the IRS knows about the income...

 

[erionm]

Ultimately what you do is up to you, but I don't believe that many members claim rental income.

 

[Deb & Bill]

Thanks. My accountant thought that the rental agency (David) would have to issue a 1099 for the rental $. This is to ensure that everyone gets their fair share of my hard earned $. The IRS would like approximately 25%. I am hoping he is wrong.

He's not in the US, but in Canada. But I don't think that makes any difference.

 

[Dean]

I live in SC and have some extra points that are available for rental. I would like to know if we have to pay taxes on the income?

Thanks

Yes, you'd need to pay taxes minus any expenses like commissions, listing fees, maint fees. The 14 day rule for condo's does not realistically apply to timeshares even if your tax person happens think it does.