Time Share Tax Deductions

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Time share loans are only tax deductible if the loan has been written as a mortgage for a first or second home. Avoid getting a time share financing loan that is written as a consumer loan, as they are not tax deductible, with advice from a certified public accountant and personal financial planner in this free video on taxes.

Part of the Video Series: Tax Law, Real Estate & Credit Tips
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My name's Miranda Chook, a CPA. Timeshare deductions may not be as large as you had hoped unfortunately. First off if you're financing your timeshare you need to find out if the financing is written as a consumer loan or as a mortgage. If it's written like a consumer loan, then it's not deductible. If it's written like a mortgage and the timeshare is actually collateral for the loan you may be able to deduct the interest that you're paying on that loan if this is your only so called second home. If you're financing the timeshare using a home equity line of credit on your principal residence, you may be able to deduct the interest on that equity line of credit up to certain limits. The other place that you might be able to find a deduction is on property taxes. If those are separately billed and you're responsible for them, the property taxes may be deductible. For more information on this, contact a financial adviser who has experience with timeshares.

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