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Timeshare Rental Income in Atlantis
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Question: I'm almost done with my Help!
I inherited two weeks at a timeshare in Atlantis . I've
never used the facility and finally joined the rental
pool last year. I received US$200 as my share of the
pool.
1) Is the income taxable? (I know, stupid question.)
2) Can I offset the income with the over US$600 of
expenses? I know that extra assessments for property
improvements are not deductible but what about the
taxes and association fees? I don't itemize but
there is a separate form for rental properties in
my software.
Thanks for any guidance you can give!
Answer: The income isn't taxable since it was for rental of
vacation property for 14 days or less.
If it were for longer, you'd file Schedule E, reporting
income and expenses. If you had entered into this
activity for a profit, you could deduct any losses,
perhaps, if your agi allowed.
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