rental income from timeshare

I have a 1099 for renting my timeshare in 2012. Any advice on how to report the income in federal tax return? ceferinoa

My tax person just enters it showing how much and then shows the cost for cleaning MF's and that is it unless you made a profit. Since I rented with my resort and they do have a cleaning fee they do send the 1099 so you do need to have it on there since IRS has a copy!

PHIL

Thanks Phil. Did your tax person show the rental income on Line 21 Other Income of Form 1040. Did he report it as taxable amount? OR did he/she used Schedule E and report the rent there as rental income?. What other entries did he/she make ie cleaning expenses. Did your return show income from rental? Did your return show loss? How many days was the unit rented out? Thanks for further elaboration on how your tax person handled the situation. Ceferinoa

Before making a timeshare exchange, there are a couple of things to take into consideration to accomplish the process effectively:

Find out when your vacation ownership is available for an exchange Decide when and where you would like to take your vacation If you want to make the timeshare swap faster and easier, consider joining a timeshare exchange network to list your timeshare online. All important information such as the name of the resort, the location and the exchange week must be provided. Make sure to upload photos of your timeshare. The pictures must be colorful and attractive. Include tips, advices and things to do about the destination and your timeshare resort Consider advertising your timeshare in newspapers, travel websites and magazines Make an inventory of everything in your vacation ownership. This is to prevent any kind of problems. Contact a lawyer and draw up a rental agreement to protect you and the other participants of the timeshare trade.

kelseyf9 wrote:

Before making a timeshare exchange, there are a couple of things to take into consideration to accomplish the process effectively:

Find out when your vacation ownership is available for an exchange Decide when and where you would like to take your vacation If you want to make the timeshare swap faster and easier, consider joining a timeshare exchange network to list your timeshare online. All important information such as the name of the resort, the location and the exchange week must be provided. Make sure to upload photos of your timeshare. The pictures must be colorful and attractive. Include tips, advices and things to do about the destination and your timeshare resort Consider advertising your timeshare in newspapers, travel websites and magazines Make an inventory of everything in your vacation ownership. This is to prevent any kind of problems. Contact a lawyer and draw up a rental agreement to protect you and the other participants of the timeshare trade.

One does not have to contact a lawyer to draw up a rental agreement .... one can do this themselves by 'searching forums' for sample rental contracts.

Has anybody heard of or dealt with Tom Bricker of Mexico Golf Resort Rentals---a travel Agency in Williamsburgh, Virginia, USA

Before you report it see Tite 415 at IRS.gov it talks about rental income for timeshare property

How did you get 1099 for renting it out? Did you receive A 1099 because you rented your timeshare out through a company. If you do it yourself and rent out to a friend or family member perhaps you can avoid the 1099. Timeshare owners please advise. I'd like to hear your views on my statement.

You get 1099's when renting through a resort or a rental company. Even if you don't receive a 1099 you are required to report rental income which would be the rental fee received minus your MF's and any advertising fees or any other fees you had renting out your unit. For example I rented out a unit and include tickets to a local attraction so I could subtract my cost for the tickets.

Tracey thank you for that tax tip. I appreciate it. I haven't rented out anything before. I use my timeshare every year. But you never know when I may have to rent out mind.

Anyone else has ideas when you rent out, how to get something back in return from Uncle Sam:) As they take their 10% from us timeshare owners. Thank you Tracey for responding.

I'm a CPA and own several timeshares with Marriott and Starwood. I rent 1 of them annually and show the income on Sch E. You can deduct MF's, interest on any loans, advertising/rental expenses, travel to the property, and what most people usually forget is the depreciation.

While I'm not a CPA, accountant, or a tax professional I treat my timeshare as a second home. As long as I follow the IRS guidelines for rental use (typically I rent 20 days or less annually and use the timeshare for personal use an average of 30 days or more) I enter the rental and rental expenses on Schedule E. I use tax preparation software which then calculates what percentage of the gross timeshare expenses (Mortgage interest, taxes, etc) get applied to the Schedule A and what gets applied to the Schedule E.

I own three timeshare weeks at the same resort in which I rent one week & use two for personal use. Is this considered a "vacation home" tax which will allow the income to be excluded because two weeks were used as personal use? I understand you would have to use 15 days as personal use during the year but I'm unsure about the number of days. I check in on a Sunday & leave on a Sunday so if I go for two weeks, would all of the time add up to 15 days? If so, where would I show I own three weeks on Schedule E & use two for personal use? If not considered a "vacation home" tax, then I would enter income plus maintenance fee on timeshare rented on Schedule E. Is that right?

My accountant advised me that if I stay 2 consecutive weeks and rent one week at the same resort the income is not taxable. I haven't taken advantage of this because I never rent only one week.

I could not find title 415. Can you clarify.

I have a timeshare (one week) at a resort in Cabo San Lucas, Mexico. How do I handle the Mexican IVA tax? I have tried to research and it looks like I need to go somewhere in Mexico and apply for a permit to rent and then hire an accountant to pay the tax. This seems like a lot when I might just rent one week per year. Also, do I have to pay the tax on the whole rental price, or can I deduct the maintenance fee and only pay the tax on the profit?

How does RedWeek report rental income to the IRS? Is there a minimum before this happens?

Thank you.

Redweek just lists the rentals . They don't report to the IRS . That is between you and the party you rented from and I doubt very much they would notify the IRS .

Thank you for your reply. . This particular rental was done by Redweek on my behalf, and I received a check from them. I normally am able to rent it myself but was not having luck. So turned it over to Redweek to rent for me.

As Don P mentioned, we do not track or report an owner's rental income. Each owner is responsible for tracking and reporting any rental income they earn.