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Timeshare


G2R

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Client owns a 3 week timeshare.  Uses it for 11 days personally, rents it out for 10 days.  Got a 1099 for the rental income. Just want to confirm.

  1. The timeshare doesn't qualify as a 2nd home because they didn't personally use it for 15 days correct? 
  2.  I report it on Sch E, but losses are limited to rental income.  After that they are disallowed, correct?  
  3. Do I have to split the association fees and other expenses between personal and rental?  Meaning, only (10/21 or 48%) of expenses are deductible on Sch E?
  4. Are the disallowed losses carried forward or permanently disallowed? 

 

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