ask-redweek-timeshare-owner-taxes-2022

Rental income and expenses are reported on Form 1040, Schedule E. The rental expenses are not itemized deductions. All expenses related to the rental are deducable. Expenses include maintenance fees, extra cleaning fees, advertising, and depreciation. If you go to the property to supervise or otherwise facilitate the rental, those expenses are deductable if the principal purpose is for the rental. Depreciation can be taken on the building and contents, but not the value of the land. Consult with a CPA to determine your specific circumstances. There may be limitations on deducting losses. Undeductable losses are "suspended", and can be deducted against future years income.

I’m a Canadian who rents out about $10K worth of timeshare income per year. In Canada we have a personal basic tax exemption of $13 K before we have to pay any taxes. Do they have a basic tax exemption in the US as well?

What info is needed. I’m a Canadian.

Our tax consultants are still working through our reporting requirements for non-U.S. individuals, but when you select your booking disbursement method, you'll be asked if you are a U.S. Citizen. If you select 'No', then the fields will be optional.  We will only send you the tax documentation next year if it is required.

I am a Canadian and have used Redweek to rent my lockoffs but redweek has not received any payments from renters and then distributed them to me. I have received payments directly from the renter.

I assume that this exempts Redweek from having to provide me with a tax receipt. ?

Paul: In order for your payments to go through RedWeek, the option to enable Online Booking must be turned on. It appears your do-it-yourself postings were either not verified by RedWeek or the Online Booking option was not selected. If you have further questions, please use the "Contact Us" link near the bottom of any page.

I do not wish to give you my tax ID in an email how do I know you will save guard this important info

Your security is our top priority.The data is absolutely secure and once stored, it remains encrypted and will only be decrypted for processing of the 1099-K forms. Our website uses SSL encryption and the sensitive information is stored in an encrypted form using military-grade algorithms.

For your security, we're not able to take the information by telephone or mail and using our Tax Wizard is the safest method to enter the information because nobody but you will see it.

Now that the IRS has delayed implementing the lower threshold for the 1099-K forms, is Redweek still planning to send them to owners who have rented their units?

Now that the IRS has changed their policy, we do not expect to be sending 1099-K forms until 2024 for 2023 rentals.

I received an email from Redweek dated 1/27 saying that I’ll be getting a 1099k. This seems to contradict what is posted here.

I received a 1099 which indicated that I had received $3002 in rental income. However the time share kept 40% and the actual amount I received was $1802. Why should I have to pay tax on the income ($1200) tht the time share kept/made on the rental?

Hi. I got an e-mail awhile back saying my info I provided did not match my tax info needed. I thought I had made the necessary changes. How do I know if there’s still an issue? Can I call someone or email someone to verify that everything is in order? Thanks

Diane, please give us a call at 1-866-971-1737 between 8 a.m. - 4 p.m. Pacific time, Monday through Friday. Or, you can email us at support@redweek.com and we'll be happy to take a look at your account and see what might be causing this issue!