Income from Timeshare Rental

Forum|Forum|2 years ago
March 24, 2024
1 reply
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So I used my Marriott timeshare points to reserve 6 nights at a facility in June 2023. I then could not use and put it up for rental I received a 1099-K from Redweek the agency I used to rent the 6 nights. So on my Turbo Tax do I declare it as Real Estate Rental or Personal Property Rental Income. Can I deduct the maintainence fees associated with the points along with Redweek fees.

Best answer by DianeW777

Yes, you must say yes to move forward with the rental income. Per IRS Publication 527: You can collect rent from property that you don't own.

If you rent your apartment to others (or a timeshare would be similar), you can usually deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation (or timeshare owners).

@FriarBob

DianeW777

Yes, you can enter it as real estate rental. it would be reported on Schedule E and the expense for maintenance fees could be a deduction only for the amount of rental days divided by the total days either in the year or for the timeshare period of time you own. You may be asked if you own the rental and you must answer 'Yes'. Do not add any assets.

There would be no depreciation and possibly no other expenses that might apply for a timeshare. Please update if you have more questions and we can help.

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FriarBobAuthor

Thank you for the quick response. I own Marriott timeshare deeded weeks and vacation club points. This rental involved the use of points. So when I get to question if I own the property I say yes? I get a separate maintenance fee for all of my vacation club points so can I divide that fee by the number of vacation club points I have to come up with a per day maintenance fee to be deducted from income.

thank you

DianeW777Answer

Yes, you must say yes to move forward with the rental income. Per IRS Publication 527: You can collect rent from property that you don't own.

If you rent your apartment to others (or a timeshare would be similar), you can usually deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation (or timeshare owners).

@FriarBob

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