Skip to main content
March 23, 2020
Question

I have added my 1098 for the interest that I paid on my timeshare but it is not changing my return numbers. What am I doing wrong?

  • March 23, 2020
  • 1 reply
  • 0 views
I am using Turbotax basic.

1 reply

March 23, 2020

The interest on your timeshare is deductible as an itemized deduction, if you itemize.  The Standard Deduction is now $12,200 for Single, and $24,400 for married filing joint.  So, in order to itemize, you need more deductions than the Standard Deduction.  If you enter deductions (like mortgage interest on a time share) and your deductions are less than the Standard Deduction, it will not have any impact on your tax return or your refund/amount due.  

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"