Rental Income

I was told I do not have to report the rental income from my "right to Use" membership in Mexico. I was told since I only own th right to use it for one week a year than you don't report it. I cannot not find anything online that state this. I just want to do the right thing. The brokers say they don't report it and I dont' have to report it becasue I don't own anything but the right to use. Please help me.

I'm no tax consultant, but I would say that any income must be reported by you whether or not the other guy report it.

That being said, I honestly doubt you have any chance at all to make a dime renting out your Mexican Timeshares. Perhaps you'll get re-imbursed for your maintenance fee. I have several timeshares that I find next to impossible to rent out, and these are big nice resorts such as the Grand Mayan. I even wait up late at night to call as soon as they start answering the lines to get the best weeks available.

If I had known how much I would have to pay to advertise and still not get a renter, I would have bought only the number of timeshares I would use each year myself! Now I'm stuck gifting away these great weeks at great resorts just so I won't lose them.

So don't worry too much about (income reporting) perhaps you should start looking at a charity to be able to write off some of your maintenance fees if you can?

orvillef2 wrote:

I'm no tax consultant, but I would say that any income must be reported by you whether or not the other guy report it.

That being said, I honestly doubt you have any chance at all to make a dime renting out your Mexican Timeshares. Perhaps you'll get re-imbursed for your maintenance fee. I have several timeshares that I find next to impossible to rent out, and these are big nice resorts such as the Grand Mayan. I even wait up late at night to call as soon as they start answering the lines to get the best weeks available.

If I had known how much I would have to pay to advertise and still not get a renter, I would have bought only the number of timeshares I would use each year myself! Now I'm stuck gifting away these great weeks at great resorts just so I won't lose them.

So don't worry too much about (income reporting) perhaps you should start looking at a charity to be able to write off some of your maintenance fees if you can?

=============== The Help section of Redweek has info regarding timeshare rentals and taxes. TUGS also has info at: http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm