Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I am in a situation where I purchased a timeshare in the state

of California three years ago...
I am in a situation where I purchased a timeshare in the state of California three years ago and in March of this year, 2010, I purchased my first home in the state of California with a bank approved FHA loan.

I did my 2009 federal taxes and claimed for the $8000 government credit for first time home buyer. The IRS is now denying me the claim because they think that the timeshare is a primary residential property. I am not residing in the timeshare property. It is a vacationing spot. My home that I purchased is where I primarily reside. I need to know if the timeshare is considered a residential property or explain why the IRS would consider the timeshare a property?
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 hours by:
9/1/2010
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
Verified

The IRS may be looking at the fact that you had a mortgage interest deduction on your previous years' tax returns for the interest paid on the timeshare loan- is that possible?

 

If that is the case, you need to contact them, indicate it is a timeshare, probably provide them with documentation showing that it is a timeshare and you only own a week or some points and they will then allow the credit.

 

A timeshare would be considered a property but it is not your primary residence and does not exclude you from the credit.

 

I would also recommend that you provide some documentation of your previous residence. If possible a lease agreement showing that you were renting an apartment or house would be a good source for the IRS to look.

 

The key with IRS is providing them proof that what they are saying is not accurate and they will re-evaluate.

 

Hope this helps and good luck!

Ask Your Own Tax Question
Customer reply replied 7 years ago

I have already sent them the documentation that was required to explain what the time share is about. I had the tax preparer send a letter as well and filled out forms. I did file interest on the timeshare, but I had too. How can I get the IRS to understand that the timeshare is not a primary residence?

 

Last week the IRS said that they couldn't accept my claim and advised me to either contest. I really have to go to court for this? I'm sure I am not the only one who has timeshare property and has recently purchased a first home. How can the IRS not be clear on its explanation of what or why they are considering a timeshare a primary residence?

No, you can request to go to the appeals division rather than the courts. Prior to that - I would suggest that you contact the Taxpayer Advocacy department and get them involved. Their goal is quick resolution of a problem that has been outstanding for more than six months.

 

You can find the Taxpayer Advocacy in your area by looking at irs.gov.

Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
Verified
Gerri A Harrison CFP EA and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Gerri A Harrison CFP EA Your Own Question
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
252 Satisfied Customers
Experience: 27 years of preparing income tax returns - both personal and small business

Gerri A Harrison CFP EA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Is it legal for a government agency (other than the IRS) to
Is it legal for a government agency (other than the IRS) to charge a percentage of a tax-exempt corporation's income and call it a fee instead of an income tax?… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
WHAT IS 73-10? California. IRS in my credit report
WHAT IS 73-10? JA: What state are you in? It matters because laws vary by location. Customer: california JA: Has anything been filed or reported? Customer: IRS in my credit report JA: Anything else yo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
Tax law. California. 2016. I am a tax preparer... I have a
I am a tax preparer... I have a client that is under audit... he unfortunately paid approximately $200,000 to subcontractors CASH... the IRS is not allowing the deduction... is there a way we can prove it?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am preparing 6 years of tax returns, I have an IRS Notice
I am preparing 6 years of tax returns, I have an IRS Notice 2014-7 that states that states "IHSS wages received by IHSS providers who live in the same home with the recipient of those services are als… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
W, is there a amend tax return there at IRS there for me? My
Hi, my name is ***** ***** Miller, is there a amend tax return there at IRS there for me? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
60 satisfied customers
Can we claim the mortgage interest for a second home on
Can we claim the mortgage interest for a second home on property that we purchased and have developed a rustic "camp" on? We have an outhouse (bathroom), outdoor kitchen area, and a small building we … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
Form 886-A Deductible Home Mortgage Interest Taxpayer has
Form 886-A Deductible Home Mortgage Interest Taxpayer has $1,000,000 in Grandfathered debt. Line 9 Form 886-A - is this line amount after deducting the garandfathered debt… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I entered my mortgage interest in the section marked
I entered my mortgage interest in the section marked mortgage. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can you write off mortgage interest on a vacation home the
can you write off mortgage interest on a vacation home the home price 54000.00 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Mortgage Interest Taxpayer inherited two homes in the same
Mortgage InterestTaxpayer inherited two homes in the same year. One from each parent, both were primary resident of deceased parent. Deceased parents were divorced and both died within 12 months of ea… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Is a tax return less likely to be audited if it's prepared
Is a tax return less likely to be audited if it's prepared by a CPA or simply a tax person? Secondly, our Rotary Club is a 401 C for we have a 401 c 3 Foundation the question is can individual members… read more
socrateaser
socrateaser
1,031 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,777 satisfied customers
1098 Mortgage interest form: My wifes name is on the loan
1098 Mortgage interest form: My wifes name is ***** ***** loan and on this form, however, I've been making the payments and would like to claim this on my tax return … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,267 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Regarding the 'capitalize the mortgage interest'. I was a
Regarding the 'capitalize the mortgage interest'. I was a partner in a rehabbing/flipping real estate business. We rehabbed two properties in 2016 and sold them in 2017. According to the first propert… read more
taxmanrog
taxmanrog
Master\u0027s Degree
763 satisfied customers
My question is about tax deductions (Mortgage Interest.
My question is about tax deductions (Mortgage Interest. Mortgage Insurance premium & Real Estate Taxes) that can be deducted by two, unrelated people, who own a house together.The two unrelated owners… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
May I deduct mortgage interest paid on a property in Puerto
May I deduct mortgage interest paid on a property in Puerto Rico? The lending institution does not send form 1098, but a different form (480.7A) to be used if I file Puerto Rico taxes. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x