Great question,
enorris5. I'm no tax-pro, but I can do some research and get you some answers ASAP and I would always verify any possible benefits you discover with a tax professional.
- If you use your timeshare for personal use, the only generally deductible items are real estate taxes and second mortgage interest(and there are specific rules/stipulations in this regard).
- I have been told that if you rent-out the timeshare to others you do not have to pay income tax on the rental proceeds. However, the timeshare, as detailed below must be considered "investment property" to qualify for a loss deduction.
There have been a number of tax court decisions in this area. All, to the best of my research and limited tax knowledge have favored the
IRS interpretation that these are not
investment properties. A timeshare must be considered "
investment property" to qualify for a loss deduction and the owner must be able to clearly establish his/her intention in purchasing the timeshare unit(s) was to make a profit.
More to come soon....TSA_STAFF
Tax benefits when owning time-share 
Timeshare Tax Benefits 
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