Question

Can I deduct fees paid to company to get me out of a timeshare contract?

Forum|Forum|3 years ago
February 20, 2023
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TurboTax Deluxe Online

If you rented the timeshare as a business, you can deduct this expense as a loss on your investment.

If your timeshare was for personal use only, you cannot deduct costs associated with exiting a timeshare.

The IRS classifies timeshares as personal property, like a boat or motorhome. So, you can't deduct the mortgage interest or property taxes on your timeshare like you can with a primary residence or second home. You also can't write off the cost of your deeded timeshare when you eventually sell it.

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