NWR: Taxes

BRIDE62610 Posted: Jan 30, 2010 12:10 PM

NWR: Taxes

Tax question for anyone who may know, or may be an accoutant out there?!

FH and I purchased a timeshare this year, does that affect our taxes any? Do we write anything off? Etc? I am trying to get the MOST out of my refund as I can, as we all know, it will go STRAIGHT towards the wedding (happy and sad) because we usually use it and go on a nice vacation!!

TIA

rdubs Posted: Jan 30, 2010 12:38 PM

Re: NWR: Taxes

Interest expenses and property taxes you pay on timeshares should be deductible--I don't think any other expenses are tax deductible.

Maybe other tax professionals out there can shed some light? I'm an accountant but my tax knowledge may be old....

pipermaru Posted: Jan 30, 2010 01:01 PM

Re: NWR: Taxes

are you using turbotax? it should walk you through this

BRIDE62610 Posted: Jan 30, 2010 05:15 PM

Re: NWR: Taxes

No, I was planning to use the free program H&R Block.com is offering this year (to try and save as much as possible)? But, maybe I will invest in turbotax. Does that allow you to do multiple returns?