Timeshare income

Forum|Forum|3 years ago
April 15, 2023
1 reply
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I convert my timeshare into points. I never go to the deeded timeshare property that I purchased. I am told that I have a Right to Use my timeshare. I don’t own the timeshare as the timeshare company owns it. How can my use of points which I convert to a rental be a “lodging” or home as described by the IRS.

Not A Product Question

PattiF

From @PatriciaV

The income you received must be reported on your tax return, usually as Other Income as this is not a rental activity. Go to Less Common Income and enter this as Hobby Income. This allows you to report related expenses, up to the total amount of income you report. Possible expenses include administrative costs for points sold, dues for belonging to the timeshare organization, and other incidental fees for marketing the points.

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