Time Share for Dummies
Timeshare By Owner
Some people have a misconception that timeshare sales are not subjected to income tax. It is treated not unlike any other kind of real estate property. If the fair market value exceeds five thousand dollars you wlil have to get a written appraisal taht should meet IRS guidelinse. The fair market value of the timeshare must eb reduecd by the amount equal to any gain htat would have been made had the property been sold yb the owner. When it comes to renting your timeshare you can claim deductions on all epxenses including depreciation csot, cost of advertising, rental commissions and maintneance fees.
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