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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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Are Time Share maintenance fees deductible, if the Time Share

Resolved Question:

Are Time Share maintenance fees deductible, if the Time Share is used for business entertainment purposes.
Submitted: 2 years ago.
Category: Tax
Expert:  CGCPA replied 2 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

Here are the requirements (from the IRS) for employee business expenses. They also apply to business ownership deductions. If your use satisfies these requirements yes they will qualify. Please remember that if you use the time share for personal reasons as well as for business, then the expenses will need to be pro rated.










Employee Business Expenses






Tax Tip 2011-54, March 17, 2011

If you itemize deductions and are an employee, you may be able to deduct
certain work-related expenses. The IRS has put together the following facts to
help you determine which expenses may be deducted as an employee business
expense.


Expenses that qualify for an itemized deduction include:



  • Business travel away from home
  • Business use of car
  • Business meals and entertainment
  • Travel
  • Use of your home
  • Education
  • Supplies
  • Tools
  • Miscellaneous expenses

You must keep records to prove the business expenses you deduct. For general
information on recordkeeping, see IRS Publication 552, Recordkeeping for
Individuals available on the IRS website, http://www.irs.gov, or by calling
800-829-3676.


If your employer reimburses you under an accountable plan, you do not include
the payments in your gross income, and you may not deduct any of the reimbursed
amounts.


An accountable plan must meet three requirements:


1. You must have paid or incurred expenses that are deductible while
performing services as an employee.


2. You must adequately account to your employer for these expenses within a
reasonable time period, and


3. You must return any excess reimbursement or allowance within a reasonable
time period.


If the plan under which you are reimbursed by your employer is
non-accountable, the payments you receive should be included in the wages shown
on your Form W-2. You must report the income and itemize your deductions to
deduct these expenses.


Generally, report expenses on IRS Form 2106 or IRS Form 2106-EZ to figure the
deduction for employee business expenses and attach it to Form 1040. Deductible
expenses are then reported on Form 1040, Schedule A, as a miscellaneous itemized
deduction subject to 2% of your adjusted gross income rules. Only employee
business expenses that are in excess of 2% of your adjusted gross income can be
deducted.


For more information see IRS Publication 529, Miscellaneous Deductions
available on the IRS website, http://www.irs.gov, or by calling
800-829-3676.


Links:


Publication 552, Recordkeeping for Individuals (PDF)


Publication 529, Miscellaneous Deductions (PDF)


Customer: replied 2 years ago.
I am a sole proprietor. I use two owned time shares for business entertainment purposes. Are these annual maintenance fees deductible by me as a ligitimate business expense??
Expert:  CGCPA replied 2 years ago.
Yes, they are deductible as business expenses to the extent the properties are used for business purposes. For example if one of the time shares is used 50% for business then 50% of the annual maintenance fees are deductible.
CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
CGCPA and 2 other Tax Specialists are ready to help you

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