Chowdahead Posted February 5, 2009 Report Share Posted February 5, 2009 Now I am getting annoyed. Perhaps it's the crappy economy, but I am hearing some of the oddest deduction requests this year. Most of which I have to shoot down. The latest is timeshares. Two different clients have told me that they were told they could deduct expenses related to their timeshare. The first client said she was told she could deduct her travel expenses, and those of her family, to Florida to use their timeshare. She even brought in the online receipt printout for the airline tickets. Even better.. since she splits the cost with a friend.. she said she was told she would have to alternate years to take the deduction. I told her travel expenses are only allowed on Schedule E for rental property (with a myriad of rules). The second client has an interest statement for interest paid on a timeshare financing. I told him I was highly doubtful since it's not a primary residence or a rental. Am I right on both counts? Quote Link to comment Share on other sites More sharing options...
Kea Posted February 5, 2009 Report Share Posted February 5, 2009 I think you are right on the 1st one. But for the second, the client can deduct interest up to 2 "homes" per year on Sch A. You don't have to live in the home. It just has to meet the requirements of having a restroom and a place to eat (maybe a couple of other things). For example, you can deduct interest on an RV, but not a tent. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 5, 2009 Report Share Posted February 5, 2009 http://search.irs.gov/web/query.html?col=a...mp;qt=TIMESHARE taxbilly Quote Link to comment Share on other sites More sharing options...
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