Consumption and Real Estate
Are the maintenance fees paid for a vacation ownership(timeshare) deductible on your taxes?
Question : Are the maintenance fees paid for a vacation ownership(timeshare) deductible on your taxes?
If they are deductible, where do you enter it?
vacation ownership
Best answer:
Answer by singledad
no they aren’t, only the interest paid for a primary residence is tax deductible
No. Maintenance fees on a personal use property is nondeductible. Only the property taxes on the timeshare, and the mortgage interest paid on the loan (depending on the type of ownership deed) is deductible on Schedule A. You are allowed to deduct the mortgage interest on your principal residence and one vacation home. If the property was held as a rental property, the maintenance fees would be deductible as an expense against the rental income.