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You may rent the property you own.
If you own points on a timeshare - you may rent them.
For tax purposes - you need to be clear if you are renting with reasonable expectation to receive a profit - or that is non-for-profit rental.
If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. Report your not-for-profit rental income on Form 1040 or 1040NR, line 21. For example, if you are filing Form 1040, you can include your mortgage interest and any qualified mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes
, and casualty losses on the appropriate lines of Schedule A if you itemize your deductions
. Claim your other rental expenses, as miscellaneous itemized deductions on Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 11. You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income. Presumption of profit.
If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit. Postponing decision.
If you are starting your rental activity and do not have 3 years showing a profit, you can elect to have the presumption made after you have the 5 years of experience required by the test. You may choose to postpone the decision of whether the rental is for profit by filing Form 5213. You must file Form 5213 within 3 years after the due date
of your return (determined without extensions) for the year in which you first carried on the activity or, if earlier, within 60 days after receiving written notice from the Internal Revenue Service
proposing to disallow deductions attributable to the activity.
If you are renting for profit - you will report all your rental income and rental expenses on schedule E - www.irs.gov/pub/irs-pdf/f1040se.pdf
If you pay maintenance fees and do not use the timeshare for personal purposes - your annual maintenance fees will be your rental expenses. If you are using the timeshare partly for personal purposes - and partly selling - maintenance fees should be prorated accordingly.
You will deduct other rental expenses - property taxes, mortgage interest, etc.
Let me know if you need any help.