Economics Questions

[dvsorrentino Junior Member Find all posts View Profile Close dvsorrentino]

My wife and I have two "economics" question in regards to our timeshare.

1) Our timeshare is a Fairfield Timeshare in Florida and therefore we receive a separate real estate tax bill outside of our maintenance fees. Can this tax bill be written off on your taxes if your primary residence is not in Florida?

2) Since our timeshare ownership is a deeded property in Florida, if we stay at the resort we own at, can you write the vacation off on your taxes as an expense that you are checking in on owned real estate?

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

I am not an accountant. So keep that in mind. I believe the answers are:

Yes, you can deduct the property tax.

No, you can't deduct the vacation.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Boca has it right on both counts.

[dvsorrentino Junior Member Find all posts View Profile Close dvsorrentino]

Great, thanks!

[CC_dad Senior Member Find all posts View Profile Close CC_dad]

Your FL real estate taxes are based upon the value of the TS.

You can also deduct personal property taxes if they are also imposed upon the value of the property. Some states have an annual license plate fee based upon the value of the automobile - these can also be claimed on schedule A of your Federal 1040 if eligible to itemize your deductions.

[rubin Senior Member Find all posts View Profile Close rubin]

I own multiple weeks at the same resort. My typical practice is to rent all of the weeks out except for one. I treat the rentals as a business, and declare and pay tax on the resulting net income. One of the expenses I take against the net income is a portion (about 25%) of my travel (airfare) and lodging (maintenance fee) costs for the week I am there. During that time I attend the owner's meeting, meet with the general manager, and generally "check up" on the condition of my investemt property. My accountant has blessed this practice. It would not apply, though, if I owned a single week and didnt rent it out.