New here and have a tax question.

[KathyAZ]

I have a 120 pt contract (bought resale) at Animal Kingdom. Rented the entire 120 pts for $1740. Online at dvc I didn't see any break down for my dues of $1085. Seems like technically since I rented all my points for the current year, the dues should offset my Capital Gains. This is only my second time renting points. Last year I showed my rental income and paid tax on it as ordinary income. I didn't deduct anything. I do see now I have to file a Florida tax form. I do my taxes using turbo tax and take the standard deduction. I don't have anything out of the ordinary except this rental income. I just don't want to trigger an audit.

On the schedule E, there were a few questions that I didn't know how to answer. What is the address of the property? Do I just use Animal Kingdom? What percentage of the property do I own? I am assuming zero.

Anything jumping out that is wrong? I don't want to pay a tax person or accountant as it probably cost more than what I made on the deal.

thanks. I appreciate any feedback you have.

 

[Sandisw]

You have to go to the Condo Associaton documents which would show the breakdown of the dues as it will give you the budget. Got to the 2022 one to get the 2023 dues statement.

I can’t answer the other part in terms of what is deductible but I don’t believe you can deduct everything.