Form 1099-MISC Do I need to send this with a form 1040-NR

[LdiJ]

I suppose I share the apartment with 51 other people. I don't consider myself the owner of it, more of an owner of a week. It would be nice to put some depreciation on the form. How do I go about working out a value though if it's applicable?

Thanks for everyone's help.

Your value (cost basis) would be what you paid for it.

 

[LdiJ]

That statement is too broad. Consider the following situation. Alan buys a home which he then leases to Becky. Becky in turn subleases the home to Carl. Certainly Alan, who owns the property and has a basis in the structure may depreciate it. But while Becky's lease to Carl is a rental arrangement too, Becky has no depreciation deductions because she does not own the property and has no basis in it. So it is not always the case that rental income means that depreciation deductions are available to the lessor.

So in order to answer the question whether depreciation is available here the issue as I see it would be whether the timeshare buyer receives an actual interest in the property itself, such that he or she has a basis in the property that he or she may depreciate. That will turn on the details of the timeshare deal.

I suppose that its possible that there could be a timeshare out there set up as a long term lease rather than ownership, but that is not my experience.

 

[Taxing Matters]

I suppose that its possible that there could be a timeshare out there set up as a long term lease rather than ownership, but that is not my experience.

There are some. I have seen one. The time share promoter thought the land would be very valuable years down the road and wanted to retain ownership of it. So the timeshares were set up as essentially long term lease arrangements.

 

[LdiJ]

There are some. I have seen one. The time share promoter thought the land would be very valuable years down the road and wanted to retain ownership of it. So the timeshares were set up as essentially long term lease arrangements.

Interesting. I worked for RCI for the first 6 years after college and saw all kinds of timeshare arrangements but I never saw a long term lease arrangement. However it does make sense. That was also MANY years ago that I worked for RCI.