The “donate to a cause” option of getting free of a timeshare contract may seem an ideal way to give back to society while also getting rid of your own timeshare financial obligations.
This has been a frequently recommended timeshare contract cancellation method in the past, but recently stories have surfaced exposing that the donate to a cause option to may be a treacherous path to timeshare freedom.
Nationally renowned consumer advocate Clark Howard, who in the past highly recommended a particular company that facilitated the donate to a cause option, it seems has since rescinded his endorsement of the company due to the what some have claimed to be inaccurate advice the company was giving to its clients regarding tax write-offs.
As part of their sales pitch the company, some of these major donation firms advised its clients that although they would be charged a fee in excess of $2,000-$4,000 they would be able to write those fees as well as the “value” of their timeshare property off on their taxes since the donation was a charitable contribution to one of several well-known non-profit organizations.
Donate to a cause timeshare cancellation companies will sell you an idea of altruism paired with enormous tax benefits and, of course, the main purpose of a final solution to the crushing problem of how to get rid of your timeshare burden. As the old saying goes, “If something sounds too good to be true, it probably is!” Unfortunately, this is exactly the case for many with the donate for a cause timeshare cancellation blueprint.
Donate To A Cause Scam?
The prevailing question today is, can I legally donate my timeshare to a cause? With varying donate to a cause reviews, it’s easy to feel inundated by all the information available. Some have said donating a timeshare is a scam. Others have said it is less than honorable to falsify tax returns with our us government. Our opinion rests with the consumers voice. It seems that many years ago timeshare donation was a more viable option than today. The buzz in the industry is that there are more scam related donation companies than honorable ones. To find more about a simple, easy, transfer process click here…
Timeshare Donation Promises
The promises of timeshare donation success attract unhappy and desperate timeshare owners more than almost any other timeshare-out program on the market. However, what the people who would sell you on the option to donate to a cause to get rid of your timeshare may NOT tell you about is the potential trouble you could get into with the IRS. If you do donate your timeshare to a cause, you are likely setting yourself up for an audit of your tax returns by the IRS. If and when this happens, investigators may find that the donation is not only an illegal deduction, the entire process was a scam. With red flags flying, this will leave you in very hot water. Taking chances like this would obviously NOT be a wise timeshare exit strategy for any law-abiding citizen.
Donate to a cause operations typically organize interested timeshare owners into a group setting or present a webinar that the owners must sit through.
During the presentation, timeshare owners will likely be informed about the option of putting their timeshare on the real estate market is an exercise in futility. While this is true, they will likely not let you know that your timeshare is nearly worthless as the resale market for them crashed long ago and will not come back. Other timeshare scams operate on the premise of taking a large fee to “list” your timeshare on the open market and/or promise they have “a buyer in the wing” and need a few thousand dollars to process the sale. This part of the presentation is factual. However, read on to find out what erroneous information they will use to convince you to donate to a cause.
Timeshare donation companies typically request a huge up-front charge to carry the timeshare to different charities with which they’re affiliated when they’re sure they’ve convinced you to donate to a cause of theirs. Following that, they’ll evaluate your timeshare holding and claim that it’s worth nearly 75-80 % of the purchase price.
After this seemingly fake evaluation has been completed, they’ll assure you that you will be able to claim the value on your taxes for a deduction. The sales team closer typically informs the unsuspecting timeshare owners that they will actually recoup so much financially as a result of the tax deduction that it will be much more than the cost of their fee to facilitate the timeshare donation process.
Needless to say, choosing this method to get rid of your timeshare obligation sets you up for possible IRS investigation, in which case you will be held completely responsible for the fraudulent choice you have made. But this doesn’t sound like fraud, does it? Read on…
The state of the timeshare resale market (or lack thereof) is well-known to the IRS. Therefore, they are conscious of the fact that your timeshare is NOT worth what these donate to a cause firms appraise them for. Additionally, they know that you are also cognizant of this truth, and they will certainly act appropriately.
For more on the current Timeshare Resale Market, watch this brief video:
Is Timeshare Donation Worth the Risk?
Timeshare donation is a risky, costly, and largely ineffective way to get out of a timeshare contract. If you’re honestly considering timeshare donation, at the very least you MUST get your own objective and realistic appraisal of your timeshare from a qualified source. Following that, you will clearly see that what they are selling you and what you are “donating” would result in a negligible tax deduction without manipulative and unethical tax filing.
You would be well advised to take off the free rose-colored glasses your timeshare donation company is offering you and face the cold facts: Your timeshare is worse than worthless. It is a financial liability. No charity wants or needs something that is going to cost them money. In the end, choosing this route to get out of a timeshare could cost you your integrity, many nights’ sleep, and thousands of dollars to donate to a cause.
If you are looking for a legal, cost-effective and risk-free solution to getting rid of your timeshare that is verified by the Better Business Bureau, CONTACT US for a free, no-obligation consultation. Your timeshare may qualify for a 100% guaranteed timeshare redemption program without complicated or under-handed methods as used in the donate to a cause timeshare-out industry.